Mazagon Dock shares jump 6% to hit record high. Is there further upside?

Mazagon Dock Shipbuilders shares saw a 6 percent flood, hitting a record high in early exchange on Tuesday. The stock rose 6.04 percent intraday to Rs 2490 each yet was exchanging 2.34 percent higher at Rs 2,402.95 at 11:06 am.

The market capitalization of Mazagon Dock arrived at Rs 49,293 crore on the Bombay Stock Trade as it hit a record high of Rs 2,490. It could be noticed that the multi-bagger stock saw an ascent of 216.90 percent throughout the last year.

Is there additional potential gain?

Business HDFC Securities set an objective cost of Rs 2,525 for Mazagon Dock, suggesting purchasing in the Rs 2,100-2,142 territory and including more plunges to Rs 1,900-1,934. It added that the base case fair worth is Rs 2,338, with a bull case fair worth of Rs 2,525 throughout the following few quarters.

Vaibhav Kaushik, Exploration Examiner at GCL Broking, told Business Today that Mazagon Dock is ready for critical moves after merging for the last 4 to 5 months. He suggests purchasing close to Rs 2,270 with a stop loss of Rs 2,190 for an objective of Rs 2,500 to 2,600.

With a one-year beta of 0.1, demonstrating low unpredictability, Mazagon Dock’s specialized markers are positive.

The relative strength index (RSI) remains at 65.7, flagging adjusted exchanging. The stock is exchanged above different moving midpoints, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day midpoints.

In Q2, the firm detailed a 56 percent ascend in combined net benefit at Rs 333 crore, alongside a break profit of Rs 15.34 per share for the monetary year 2023-24.

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