Cochin Shipyard jumps up 4%

Cochin Shipyard has gained today after 9 days on consecutive fall and it went on to hit an intra day high at Rs.390, going up almost 4%. Its 52-week high is at Rs.534.

The stock price has reacted positively to the news that it has signed a Rs.6,311 crore contract with the Defence Minstry for construction of eight anti-submarine warfare shallow water crafts (ASWSWCs) for the Indian Navy.

CSL was the successful bidder (L1) in the tender floated by the Ministry of Defence for this project.

The first ship is to be delivered within 42 months from contract signing date and subsequent balance ships delivery schedule will be two (02) ships per year.

The project will have to be completed within 84 months from date of signing the contract.

CSL is currently investing a total of Rs.2,769 crore in building a new 310 M long dry dock at Kochi and a shiplift based Ship Repair yard at Willingdon Island, Kochi.