Shares of Mazagon Dock Shipbuilders were trading 4% higher on 18 December after the company announced the signing of a $42 million contract with a European client.

In its regulatory filing on 15 December, the company said it had signed a $42 million deal with a European client to construct three state-of-the-art units of 7,500 deadweight tonnes (DWT), multi-purpose hybrid powered vessels.

The company has to deliver the first vessel in 27 months’ time, and the rest have to be delivered at intervals of two months.

On 10 December, the company received an order worth Rs 1,145 crore from natural gas major ONGC for the Part Replacement of a Pipeline Project. The company will install approximately 44.4 kilometres of subsea pipelines divided into 19 segments.

As of 30 September, the company’s order book stands at Rs 37,500 crore.

In its quarterly report for July-September, the company reported a 56% year-on-year increase in its consolidated net profit at Rs 333 crore from Rs 214 crore reported in the same quarter last year.

Its revenue from operations during the quarter stood at rs 1,828 crore, marking a 7% YoY increase from Rs 1,702 crore reported in the same quarter during the previous fiscal year.

At 11:36 pm, the shares of Mazagon Dock Shipbuilders were trading 3.32% higher at Rs 2,154.45 on NSE.