Mazagon Dock Begins Talks for Rs 9.3 Billion Submarine Project

15 Sep 2025 CW Team

Mazagon Dock Shipbuilders Ltd on Wednesday (10 September) announced that it has commenced negotiations with the Indian Navy for the long-delayed submarine programme Project P-75(I).

The move follows approval from the Ministry of Defence in August, permitting the state-run shipbuilder to begin cost discussions with Germany’s Thyssenkrupp Marine Systems for building six conventional submarines, in a deal valued at nearly Rs 9.3 billion. Sources had earlier informed CNBC-TV18 that the contract is expected to be awarded to Mazagon Dock and Thyssenkrupp about six months after the successful completion of cost negotiations.

Mazagon Dock and Thyssenkrupp signed a memorandum of understanding in June 2023. Under the agreement, the German defence firm would handle engineering and design, while Mazagon Dock would be responsible for constructing and delivering the six submarines to the Indian Navy.

Brokerage firm JPMorgan recently flagged limited positive triggers for the project in a note, reiterating its ‘underweight’ stance on Mazagon Dock with a price target of Rs 2,468.

It cited an unfavourable risk-reward outlook despite the stock’s nearly 30 per cent correction from a peak of Rs 3,775. The company’s earnings in the past two quarters were affected by provisions related to cost overruns, though management has indicated that margins are likely to recover going forward.

Meanwhile, Mazagon Dock is set to be included in the Nifty Next 50 index from the end of September as part of the NSE’s biannual reshuffle, which could provide an additional boost to the stock.

Shares of Mazagon Dock closed higher by over Rs 70 at Rs 2,754.85 on the BSE on Wednesday, 10 September.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..