Mazagon Dock Shipbuilders Ltd - Comments to Jane's Magazine

The first ship of the Project 17A, 'Nilgiri' was launched on 28 Sept 2019 & currently is in advanced stage of Pre-outfitting. The second ship of P17A class 'Udaygiri' was launched on 17 May 2022. The third ship is getting ready for the launch and the keel of fourth ship has already been laid on 28 Jun 2022.

The first ship of the Project 15B, INS Visakhapatnam was delivered to Indian Navy on 28 Oct 21, the second ship 'Mormugao' is undergoing rigorous Sea Trials and is likely to be delivered in 2022, the third ship 'Imphal' is currently at an advance stage of outfitting and trials of various auxiliary equipment is in progress. The fourth ship of the P15B class named Surat was launched 17 May 2022.

MDL has delivered Four out of Six Scorpene Class Submarines of Project 75 namely 'Kalvari', 'Khanderi', 'Karanj' & 'Vela' to the Indian Navy on 21 Sep 17, 19 Sep 19, 15 Feb 21 & 09 Nov 21 respectively. Fifth Submarine 'Vagir' is undergoing final Sea trials. Sixth and last submarine "Vaghsheer' was launched on 20 April 2022 and has commenced Harbour trials.

MDL has also successfully completed construction of two SSK class Submarines, refit and modernization of four SSK Submarines and Medium Refit & Life Certification (MRLC) of one Submarine is in progress. This has forged MDL's position as the only Indian shipyard to build & provide Life Cycle Support for Conventional Submarines.

P75(1) - RFP for P75(I) was issued on 20 Jul 21 to shortlisted strategic partners. MDL being one of the shortlisted strategic partner, is in the process of selecting one FC (Foreign Collaborator) from the five shortlisted FCs.

The core business of shipbuilding is based on requirements of Indian Navy and Coast Guard which are reflected in Maritime Capability Perspective Plan (MCPP). The information is available in open domain. The future projections include following:

(a) O8 NG Corvettes for Indian Navy
(b) 01 Hospital ship for Indian Navy
(c) O06 High Speed Landing craft for Indian Navy
(d) 07 NG Fast Attack Craft for Indian Navy
(e) O6 Offshore Patrol vessel for Indian Coast Guard
(f) O04 Fast Patrol vessel for Indian Coast Guard
(g) 12 Air Cushion Vessel for Indian Coast Guard
(h) O1 Polar research Vessel (Civil)

The cumulative costing of above mentioned vessels is estimated to be INR 30000 Cr. In addition, six Submarines under Project P75(I) and five Next Generation Destroyers are being considered for induction by Indian Navy. The submarines are likely to cost INR 43000 Cr while the destroyers INR 50,000 Cr.

Simultaneously, with respect to new orders, MDL is looking at a multipronged approach -

(a) MDL has embarked on a diversification drive. MDL is venturing into the business of shipping container manufacturing and has already bagged two orders from M/s Container Corporation of India Ltd (CONCOR) totalling to 2500 containers.

(b) MDL has also been awarded an order for repair of a launch boat from MbPT. In addition, MDL is also bidding for refit orders for other naval, domestic and foreign commercial vessels.

(c) MDL has initiated design and development of indigenous MDL conventional Submarine. Towards achieving the goal, MDL has completed concept design of Midget Submarine and the detailed design is in progress. Construction of Midget Submarine prototype is likely to commence by end 2022.

d) Hydrogen Fuel Cell Vessel- MDL in collaboration with M/s Tata Advanced Systems & M/s Vijai Marine Service has developed a 06 Pax Fuel cell electric vessel and as a pilot is currently developing 24 Pax Fuel Cell electric vessel for inland waterways. These vessels are eco-friendly with zero emissions, low acoustic & heat signatures and longer endurance.

e) Also, in accordance with Mission Raksha Gyan Shakti (MRGS) an initiative of Ministry of Defence, MDL has received 05 Patent grants from Indian Patent Office (IPO) and further pursuing cases for grant of IPR under MRGS.

Shares of Mazagon Dock Shipbuilders Limited was last trading in BSE at Rs. 278.00 as compared to the previous close of Rs. 279.55. The total number of shares traded during the day was 29390 in over 1362 trades.

The stock hit an intraday high of Rs. 284.20 and intraday low of 277.10. The net turnover during the day was Rs. 8218426.00.

Source : Equity Bulls

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