Shares of Cochin Shipyard Ltd were locked 5% higher at Rs 1,656.15 on 2 December after the company announced signing a contract with the Ministry of Defence. 

The company announced that they have signed a contract with the Ministry of Defence (MoD), Government of India, for the dry docking and brief refurbishment of a sizable Indian naval vessel for a total consideration of Rs 1,000 crore. 

In an exchange filing, Cochin Shipyard said, “We would like to inform you that Cochin Shipyard Limited (CSL) on 30 November, 2024 has signed a contract with the Ministry of Defence (MoD), Government of India, for Short Refit and Dry Docking of a Large Indian Naval Vessel.”

Cochin Shipyard noted that the project is expected to take about five months to complete and that the projected contract value is more than Rs 1,000 crore. 

Following the company’s announcement last week that it had signed a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET) for the design and essential equipment for jack-up rigs for the Indian market, the scrip had reached an upper limit of 5%.

Founded in 1972, Cochin Shipyard is a prominent player in the construction, repair, and refit of vessels, including regular ship modifications and life extensions. Notable for its proficiency, CSL has constructed and maintained some of the biggest ships for esteemed customers across the globe and has exported about 45 ships abroad. From building bulk carriers to building cutting-edge technology vessels like Platform Supply Vessels and Anchor Handling Tug Supply Vessels, the firm has extensive experience.

At 1:29 pm, the shares of Cochin Shipyard were locked 5% higher at Rs 1,656.15 on NSE.

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