Cochin Shipyard signs MoU with Mumbai Port Trust

State-owned Cochin Shipyard surged by over 6 per cent on the bourses on Thursday as the company signed an MoU with the Mumbai Port Trust for the management and operation of Ship repair Facilities at Mumbai Port Trust.

According to the MoU, Mumbai Port Trust and Cochin Shipyard will associate with each other to utilize the Indira Dock facility at Mumbai Port to set up a Professional Ship Repair ecosystem. It also provides for the expansion of ship repair capacity within the Indira Dock, including the setting up of a Floating Drydock and upgrading existing facility at Hughes Dry Dock at Mumbai Port.

The stock hit an intraday high of Rs. 569.70 per share and an intraday low of Rs. 536.50 per share on BSE. It had hit its 52-week high of Rs. 598.90 per share on November 24, 2017 and its 52-week low of Rs. 435 per share on August 11, 2017 on BSE, respectively. The stock has surged by over 22 per cent since its listing in August 2017.

At 1506 hours IST, the stock was trading at Rs. 556.65 per share, higher by 4.24 per cent on BSE on Thursday. Meanwhile, S&P BSE Sensex was trading at 34,491.25 level, higher by 0.17 per cent and NSE Nifty 50 was trading at 10,644.15 level, higher by 0.11 per cent, respectively.