1 week Ago
Mazagon Dock Shipbuilders Limited (MDL), one of India's leading shipyards, announced that its Board of Directors will meet on October 22, 2024, to consider two significant corporate actions: the declaration of an interim dividend for FY 2024-25 and the company’s first-ever stock split. This marks a key moment in the company's corporate history as it seeks to increase shareholder value through these decisions. In a filing with stock exchanges, Mazagon Dock Shipbuilders specified that the meeting will address a possible split of its equity shares under section 61(1)(d) of the Companies Act, 2013.
The interim dividend record date has been set for October 30, 2024, meaning shareholders on this date will be eligible for the dividend payout if the Board approves it. MDL’s stock has been on a strong upward trajectory, closing 6.86% higher at ₹4,531.
30 on the BSE after the announcement. According to market analysts, the stock recently broke out of a key trend line, signaling strong buying interest and the potential for further gains. Choice Broking noted that the stock’s upward momentum is supported by technical indicators like the Relative Strength Index (RSI), which remains healthy at 57.
66, and its position above key Exponential Moving Averages (EMAs). The note further pointed that if the stock can maintain levels above ₹4,550, it could move higher, with price targets of ₹5,400 and ₹5,500. However, the brokerage advised caution, recommending a stop-loss at ₹4,150 to manage downside risks.
Mazagon Dock Shipbuilders has a long history in shipbuilding, having constructed over 800 vessels, including 28 warships and 7 submarines. The combination of its strong operational performance and these upcoming corporate actions has captured the attention of both investors and market experts alike..
