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Shares of state-run warships and submarine manufacturer, Mazagon Dock Shipbuilders, hit a 52-week high in intraday trading before paring some gains.

The stock is up for the seventh straight session during which it has gained close to 50 percent. The stock has moved from Rs 428 on September 28 to today's intraday high of Rs 680.

Shares have outperformed the broader market over the last seven days.

Mazagon Dock Shipbuilders is one of India’s leading public sector undertaking shipyards under the Ministry of Defence. The company’s main activities are constructing warships and submarines at its facilities located in Mumbai and Nhava.

The company reported revenue of Rs 2,230.32 crore during the April-June quarter compared to Rs 1,214.24 crore during the same period last year. Net profit for the period also doubled to Rs 224.78 crore for the June quarter, from Rs 101.60 crore year-on-year. The increase in revenue and profit is despite the raw material costs more than doubling to Rs 1,334.97 crore from Rs 600 crore last year.

A news report

had earlier said that the Department of Investment and Public Asset Management (DIPAM) was mulling buybacks in defence PSUs, including Mazagon Dock Shipbuilders.

DIPAM was weighing the capital expenditure plans and dividends of defence PSUs to decide on buybacks.

Mazagon Dock is set to deliver India's fifth Scorpene class submarine by the end of this year and a sixth early next year, Director of Finance Sanjeev Singhal told CNBC-TV18 in an interaction last week. The public sector undertaking is completing three orders from the Indian Navy, including the P75 Scorpene submarine. The company was awarded this order in the year 2005.

Shares of Mazagon Dock have more than doubled this year, gaining 126 percent so far.

(Edited by : Rukmani Krishna)