Cochin Shipyard wins order for building 23 boats

Cochin Shipyard, on Thursday, informed the bourses that it has bagged order for building 23 boats for the Kochi Water Metro Project from Kochi Metro Rail Limited (KMRL).

These boats will provide inland transportation using electric/ hybrid technology. On the whole, KMRL has a requirement of 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 Cochin Shipyard had participated.

Financial detail of the said project was not disclosed, and company said that contract is yet to be executed and the status of the same will be updated.

The company’s order book as on June 2019 ended quarter was strong at Rs. 8050 crore which translates into book-to-bill of 2.7x giving revenue visibility for next 2-3 years.

With this positive development the stock of Cochin Shipyard surged on the bourses by more than 3 per cent to touch intra-day high of Rs. 349.95. The stock had opened at Rs. 342.05 on the BSE. At closing hours, the stock was trading at Rs. 341.50, up by nearly 1.01 per cent from previous close.