Cochin Shipyard gains 3 per cent on order wins

Cochin Shipyard has signed a contract for the construction and supply of eight Anti-Submarine Warfare Shallow Water Crafts (ASWSWCs) for Indian Navy.

Cochin Shipyard was the successful L1 bidder in the tender floated by the Ministry of Defence for this project. The order is valued at Rs. 6,311.32 crore for eight vessels. The first ship is to be expected to be delivered within 42 months from contract signing date and subsequent balance ships delivery schedule will be two ships per year. The project is given a deadline of 84 months from the date of signing the contract.

Cochin Shipyard is the first greenfield shipbuilding and ship repair yard in India. The company caters to clients engaged in India’s defence segment and global commercial shipping sector.

On Thursday, the shares of Cochin Shipyard opened at Rs. 375.80. At 9:53 hours, the shares were trading at Rs. 386, up by 2.71 per cent. It reached an intraday high of Rs. 390 and an intraday low of Rs. 378.50 per share on the BSE. The 52-week high stood at Rs. 534 and 52-week low was at Rs. 333 per share on the BSE.