Cochin Shipyard trades higher on order worth Rs. 175 crore

State owned shipbuilder, Cochin Shipyard Ltd, informed that it has bagged order worth Rs. 175 crore, on Wednesday. The stock reacted positively to the news and touched its intra-day high of Rs. 408 per share.

The company made a public announcement stating that it has received a latter of acceptance (LoA) from Kochin Metro Rail Limited (KMRL). Under the stated project the company will work on building 23 boats for Kochi Water Metro Project. The contract is for design and construction of 23 Hybrid-Electric Passenger Ferries. The total value of contract is Rs. 175.70 crore. As of end of first quarter of current fiscal the total order book of the company stood at Rs. 8050 crore.

The Kochin Metro Rail project is aimed at providing inland water transport using electric or hybrid technology. Total requirement of KMRL stands at around 78 high quality boats of international standards. Out of this, 23 boats having a capacity of 100 PAX was tendered by KMRL in which CSL also participated.

At 1.00 pm on Wednesday, the stock traded at Rs. 402, higher by 2.51 per cent on BSE.