Shares of Mazagon Dock Shipbuilders surged 7 per cent on Wednesday, a day after the company was granted Navratna status by the Department of Public Enterprises (DPE).
Mazagon stock traded at ₹4,236.75 on the NSE, up by 6.61 per cent, as of 11 am.
The stock hit a 52-week high on the NSE at ₹4,271.20.
On the BSE, the stock traded at ₹4,217 as of 11.08 am, up by 6.05 per cent. It hit a 52-week high at ₹4,269.75.
In reference to a news report that claimed the stock had surged amid talks of a ₹35,000-crore deal with the Defence Ministry, the company clarified that it “ has submitted the bid for three additional submarines under project P75, which is an activity in the normal course of business. Submission of bid does not result in automatic bagging of an order, therefore, is not required to be informed under Regulation 30 of SEBI (LODR) Regulations, 2015”.