Mazagon Dock Shipbuilders, a leading PSU company in the shipping industry, has announced a corporate action for the first time in its trading history - a stock split. This move is expected to increase the company's outstanding shares and improve trading liquidity for its shareholders. With the government holding a majority stake, the minimum public shareholding requirement is still met and the company's stock has doubled investor wealth in 2024. Sign up for daily news and updates from Mazagon Dock Shipbuilders. Contact information available.
On Tuesday, Mazagon Dock Shipbuilders' shares saw a significant decline due to a corrective action and predictions of a correction in the defence sector. The company had initially set a record date for its fiscal 2025 dividend payment, boosting its share price, but the gains were short-lived. Other defence stocks also saw a decline, with experts citing overvaluation as a factor. The board is set to meet on Tuesday to decide on a stock split and dividend declaration, with more details awaited.