Project 75: Additional Scorpene Submarines Order: Mazagon Dock Shipbuilders Shares Update - Details

State-owned Mazagon Dock Limited, on Wednesday, shared an update on the progress made in additional orders for Scorpene-Class submarines under Project 75. In an exchange filing, Mazagon Docks Limited (MDL) [BSE, NSE : MAZDOCK] said that the defence PSU is yet to receive any order on the additional three Scorpene-Class submarines.

‘We refer to the news items circulating in the mainstream media regarding the 3 additional submarines of the Scorpene class under Project 75. In this connection, commercial negotiations with respect to the project are in process. We are yet to receive any final communication in this regard," Mazagon Docks Limited said in a regulatory filing. 

About Project 75 and MDL

Project – 75 includes the construction of six submarines of Scorpene design. These submarines are being constructed at Mazagon Dock Shipbuilders Limited (MDL) Mumbai, under collaboration with M/s Naval Group, France. MDL achieved a significant milestone when it delivered three submarines of Project-75 in just 24 months. 

Mazagon Dock Limited Share Price Today

The shares of MAZDOCK closed higher on Wednesday. A day after the Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh cleared projects worth Rs 22000 crore for the armed forces which resulted in defence sector stocks rising in trade on Wednesday, MAZDOCK stock closed higher to Rs 4879.80 apiece. The stock climbed 3.71 per cent higher during the session. With a market cap of Rs 98,420.69 crore, Mazagon Dock Limited is one of the most important PSUs in the government's Aatmanirbhar Bharat Mission. 

This story is being updated…