Knowledge Marine & Engineering Works (KMEW) Shares rallied 11% in Monday’s intra-day trade, hitting Rs 1,129.85 on the BSE.

The ongoing work is 50% complete. On December 30, 2022, KMEW received an additional work order of Rs 16.50 crore from the Dredging Corporation of India (DCI) for ‘Capital Dredging at Mangrol Fishing Harbour – Phase III Part -B’.

The work order upsurges the target assessed dredging quantity from 110,150 Cubic Meters to 136,937 Cubic Meters, an increase of 24% from the original work order. With today’s rally, the shipping company’s stock has zoomed 2,953% from its issue price of Rs 37 apiece.

During the FY20-21, the KMEW came up IPO. The IPO lot size was 3,000 shares, and the minimum order quantity was 3,000 at Rs 37 per share. The company got listed on the BSE SME platform on March 22, 2021.

In the past year, the stock has rallied 653% compared to a 15.5% rise in the S&P BSE Sensex. At 10:41 am, it was traded 10% higher at Rs 1,120, compared to a 0.45% rise in the benchmark index. On the board of KMEW, on November 14 2022, approved allotment of 565,000 equity shares having a face value of Rs 10 each at an issue price of Rs 700 per share on a preferential basis for Rs 39.55 crore.

The board contracted the allotment of 200,000 shares to Ashish R Kacholia and 30,000 shares to Vaibhav R Kacholia. Besides, the issuance of 252,500 shares to Mrs Vanaja Sundar Iyer and around 35,000 shares to Shiv Sehgal.

Currently, KMEW is trading on the BSE SME Platform under the M group. The SME exchange platform is for small and medium-sized companies with high growth potential.