Mazagon Dock jumps in early trade to hit record high. Is there further upside?

Mazagon Dock Shipbuilders shares experienced a 6 percent rise, striking a record high in early trade on Tuesday. The stock increased 6.04 percent intraday to Rs 2490 each however was trading 2.34 percent greater at Rs 2,402.95 at 11:06 am.

The marketplace capitalisation of Mazagon Dock reached Rs 49,293 crore on Bombay Stock Exchange as it struck a record high of Rs 2,490. It might be kept in mind that the multibagger stock saw an increase of 216.90 percent over the previous year.

Exists even more upside?

Brokerage HDFC Securities set a target rate of Rs 2,525 for Mazagon Dock, advising purchasing in the Rs 2,100-2,142 variety and including more on dips to Rs 1,900-1,934. It included that the base case reasonable worth is Rs 2,338, with a bull case reasonable worth of Rs 2,525 over the next 2 to 3 quarters.

Vaibhav Kaushik, Research Analyst at GCL Broking, informed Business Today that Mazagon Dock is poised for substantial relocations after combining for the last 4 to 5 months. He suggests purchasing near Rs 2,270 with a stop loss of Rs 2,190 for a target of Rs 2,500 to 2,600.

With a 1 year beta of 0.1, showing low volatility, Mazagon Dock’s technical indications are favorable.

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The relative strength index (RSI) stands at 65.7, indicating well balanced trading. The stock is trading above different moving averages, consisting of the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day averages.

In Q2, the company reported a 56 percent increase in combined net earnings at Rs 333 crore, together with an interim dividend of Rs 15.34 per share for the fiscal year 2023-24.

Income from operations increased 7 percent year-on-year (YoY) to Rs 1,828 crore, and EBITDA climbed up 50 percent YoY to Rs 177 crore. In spite of a 16 percent QoQ decrease in income, Profit Before Tax (PBT) in the September quarter increased 53 percent YoY to Rs 407 crore.

(DisclaimerThe views, viewpoints, suggestions, and ideas revealed by experts/brokerages in this short article are their own and do not show the views of the India Today Group. It is a good idea to seek advice from a certified broker or monetary consultant before making any real financial investment or trading options.)