Indian shipbuilding stocks rise on reports of $8.3 bln order

Mazagon Dock Shipbuilders

03/09/2024 09:14

** Shares of Garden Reach Ship Building  GRSE.NS  rise 5.4%,
Mazagon Dock Shipbuilders  MAZG.NS  up 6.4% and Cochin Shipyard
 COCH.NS  up 3%
    ** MAZG stock top gainer in Nifty mid-cap index
 .NIFMDCP100 , which is up 0.5%
    ** Media reports say India govt will approve multiple
defence projects, including contract worth 700 bln rupees ($8.34
bln) to Indian shipyards
    ** COCH and MAZG stock rated as "hold" by LSEG analysts on
avg, while GRSE is "sell" rated
    ** COCH top gainer among shipbuilding stocks, up 180% YTD,
while GRSE up 121% and MAZG up 95%
    
    ($1 = 83.9280 Indian rupees)

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))