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India naval shipbuilder debuts on stock market amid China's rise

Mazagon Dock lists at 49% premium on solid track record and 'Make in India' boom

The Indian Navy's INS Karanj submarine was launched from Mazagon Dock's shipyard in 2018. The company has been consistently profitable thanks to government defense orders.   © Reuters

MUMBAI -- Mazagon Dock Shipbuilders on Monday made a strong debut on Indian stock exchanges, opening at 216.25 rupees, up 49% from its IPO price of 145 rupees as India's only shipyard capable of building and repairing military submarines benefited from a confluence of factors, including China's increasingly aggressive defense posture.

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