The Exchange has sought clarification from Mazagon Dock Shipbuilders Limited with respect to recent news item captioned Mazagon Dock rises 4% on buzz of Rs 70,000-cr submarine talks with Germany's Thyssenkrupp. The response from the Company is attached.
MAZDOCK · price
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Mazagon Dock clarified to the stock exchanges that a recent Moneycontrol news item suggesting Rs 70,000 crore submarine negotiations with Germany's Thyssenkrupp is factually incorrect. The company stated that while its bid for Project P75(I) was qualified by the Ministry of Defence on 14 January 2025 and its commercial bid was opened on 16 January 2025, no negotiations have commenced with the Indian Navy or MoD since then. There is no firm or binding order, and the company confirmed it has no undisclosed information that could explain the 4% rise in its stock price.
The company is denying the speculative news that drove its stock up 4%, which could lead to a price correction as the buzz fades. Shareholders should note that no concrete submarine deal with Thyssenkrupp exists, and the Project P75(I) bid remains at a qualified-but-not-negotiated stage with no guaranteed outcome.