Cochin Shipyard sails smooth

Cochin Shipyard is in the limelight today on the back of its order from JSW group.

On Friday, after market closure, the company reported that it has signed a contract with Utkarsh Advisory Services Private Limited, Mumbai, (part of JSW group) for construction and delivery of 4 Nos. 8000 T Mini Bulk Carriers.

The vessels are to be built at the Cochin Shipyard yard at Kochi.

Delivery is scheduled within December 2020.

The company, a fortnight ago also marked its entry into building tuna long liner cum gillnetter fishing vessels – these are basically fishing boats. These are sturdy and ideal boats for three-week-long fishing expeditions. The boats have been built under the Union Government's Blue Revolution scheme, with a 50% subsidy from the Centre and 30% subsidy from the Tamil Nadu Government. The company is ready for commercial production though cost will have to be brought down from the current price tag of Rs.1 crore.

The market is taking all this positively, with the stock price opening at Rs.370 from Friday’s close of Rs.363.60. Its intra day high is at Rs.378.50 and low is the opening rate.