Dredging Corp jumps up 4%

Dredging Corporation of India (DCI) rose almost 4% today morning to Rs.856.65. It has come off these levels but remains in the green at Rs.838 levels. The stock had hit a 52-week high on 8th Jan at Rs.920.

The market is happy about the new order which it has received.

It stated yesterday after market hours that DCI has been carrying out the maintenance dredging works at Cochin Port continuously since 2011-12. Cochin Port invited global tenders for Maintenance Dredging for the year 2017-18 during August 2017 which is one of the major maintenance Dredging projects in India.

DCI participated in the bidding process. The Price bids were yesterday and DCI stood as the lowest bidder with Rs.88.51 crore, thereby successfully retaining the work in its order book for next year.

The Dredging at Cochin Port is to be carried out throughout the year by Deploying two Dredgers. 

DCI is the only PSU in the dredging field in India and is securing all major contracts through open competitive bidding process.