Mazagon Dock Shipbuilders receives Navratna status, leading to 7.36% share rise and greater operational autonomy.

Mazagon Dock Shipbuilders shares soared by 7.36% to reach a 52-week high of Rs 4,269.75 following the announcement that the company was granted Navratna status by the Department of Public Enterprises, granting it greater autonomy and flexibility in business operations. This recognition allows the company to invest up to Rs 1,000 crore without central government approval and form joint ventures and subsidiaries abroad. Mazagon Dock Shipbuilders' revenue for the March quarter increased by 50% to Rs 3,103.6 crore, and its net profit more than doubled to Rs 663 crore compared to the same period last year.