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Shares of Mazagon Dock Shipbuilders surged over 7% and hit a 52-week high after the company won a contract worth Rs 2,724 crore from the Indian Navy. The stock has seen a tremendous rally, delivering returns of 435% in the past year. With a market capitalization of over Rs 25,000 crore, Mazagon Dock has become the first shipbuilding company to achieve this milestone. Despite trading in an overbought zone, the stock has been performing well and is above its 50-day and 200-day moving averages.

Shares of Mazagon Dock Shipbuilders hit 52-week high of Rs 1341, rising 7.55% in early trade today. It opened higher at Rs 1280 against the previous close of Rs 1246.85 on BSE.

On Monday 1972 stocks advanced, 1721 declined and 147remained unchanged, with an advance decline ratio of 1.14 on the Bombay Stock Exchange (BSE). Strong June GST collections, which increased by a healthy 12% to reach Rs1.61 lakh crore, and the recent monsoon that covered almost all parts of the country cheered investors and helped the market maintain its record-breaking momentum. Other macroeconomic data, such as the Manufacturing & Service PMI data from India and the US which will be released this week may have an impact on the markets.

Under this agreement, INS Shankush, a submarine belonging to the SSK Class, will undergo comprehensive refurbishment and life certification at MDL's facility in Mumbai, , Ministry of Defence (MoD), Mazagon Dock Shipbuilders Ltd (MDL), INS Shankush

The Contract was signed in presence of Dinesh Kumar, JS & AM(MS) and other MoD reps.