Shares of Navratna defense PSU Mazagon Dock gained 5 percent in early trade after sources revealed that the company has led the race for the Submarine P75 project. Project-75 (India), also known as P-75(I), is a military program involving the purchase of diesel electric submarines for the Indian Navy. The project is part of the Indian Navy’s 30-year plan to build traditional submarines.
At last count, the shares were up 3.77 per cent at Rs 4,129.4, while on the day’s high the stock rose to Rs 4,168 per share.
According to the sources, the company may take out a large sum from the Indian Navy in the amount of Rs 40,000- Rs 43,000 crore. And more than that, theoretically, the agreement can be signed in the next 6 months.
