FY24 was a remarkable year for the company with record revenue, profits and dividend helped by superior performance in domestic and overseas businesses. The stock nearly doubled during the year, a reflection of investors recognition of its upbeat show. However, the growth is likely to moderate in the near term.
HDFC Defence Fund bought 4.8 lakh shares or 1.76% in Garden Reach Shipbuilders. In multibagger Mazagon Dock Shipbuilders and smallcap JNK India, this fund purchased 1,55,901 (1.36%) and 4,96,367 (1.28%) shares, respectively. The market value of these shares at the end of April 30, 2024, stood at Rs 47.47 crore, 36.62 crore and 34.47 crore, respectively.
According to experts, the band of 22,300-22,320 may act as a resistance for Nifty while the low of 21,821, registered on Monday, would remain support for it in the short term.
