Mazagon Dock shares in news on signing MSRA with US government. Key details

Mazagon Dock said it is a non-financial agreement and that there are only two shipyards in the country including Mazagon Dock, which have signed MSRA — the other being Larsen & Toubro (L&T).

Shares of Mazagon Dock Shipbuilders Ltd will be in focus on Friday morning after the company said it has signed Master Ship Repair Agreement (MSRA) with the US government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. In filing to BSE, post Thursday’s trading hours, the company said it is a non-financial agreement and that there are only two shipyards in the country including Mazagon Dock, which have signed MSRA — the other being Larsen & Toubro (L&T). The agreement is expected to open-up voyage repairs of US Navy Ships at Mazagon Dock.

Earlier in July, L&T had signed the MSRA with the US Navy. L&T’s Kattupalli Shipyard, near Chennai, a major node in the Southern Defence Corridor, was qualified for undertaking voyage repairs of the Military Sealift Command vessels.

At its recent conference call, Mazagon Dock said it was targeting delivery of the third ship of project 15 Bravo, which is a missile destroyer, sometime end of the second quarter or early third quarter. It has already delivered two vessels, one in 2021 and 2022. Besides, the company management noted that received an order for MRLC for a submarine.

“This is German make submarine, which was pressed into service some 36 years ago. It has come to Mazagon Dock Shipbuilders Limited for a medium refit and life certification. The total order value is approximately Rs 2,700 crore. So, the company is doing well. We have submitted a price bid for six number of AIP fitted submarines under project P75I,” the Mazagon Dock management suggested in August.

Mazagon Dock will hold its Annual General Meeting on September 27. The company has fixed the record date as September 20, Wednesday, for determining the eligible shareholders entitled to receive the final dividend for FY23.

Mazagon Dock is a shipbuilding and offshore fabrication yard. The company’s major activities include shipbuilding, ship repairs and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks and barges.

With Thanks Reference to: https://www.businesstoday.in/markets/company-stock/story/mazagon-dock-shares-in-news-on-signing-msra-with-us-government-key-details-397395-2023-09-08