India's Mazagon Dock gains on report of government rejecting rival submarine bid

Mazagon Dock Shipbuilders

23/01/2025 09:17

** Shares of state-owned Mazagon Dock Shipbuilders  MAZG.NS 
rise 2% to 2,334 rupees
    ** News agency ANI on Wednesday reported India's defence
ministry rejected a rival bid from Larsen & Toubro  LART.NS  in
submarine tender
    ** MAZG, in an exchange filing, on Thurs says defence
ministry has begun to process its bid for three submarines
    ** Defence ministry and LART and its submarine partner did
not respond to Reuters requests for comment
    ** MAZG shares rose as much as 5.9% earlier in session,
while LART dropped 1.6%
    ** Analysts rate MAZG "hold" on avg vs "buy" for LART - LSEG
data
    ** MAZG jumped 95% in 2024 vs LART's 2% rise 


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))