Shares of Cochin Shipyards Ltd (CSL) surged 8% and hit a 52-week high of Rs 1,170.90 on 8 April after the company inked a master shipyard repair agreement (MSRA) with the US Navy.

In its regulatory filing, the company said that it has signed an MSRA, a non-financial agreement with the US Navy to rebuild US Navy ships under the Military Sealift Command.

Following a thorough review procedure and capacity assessment, CSL has been approved to join the MSRA by the US Navy’s Military Sealift Command.

Earlier in February, the company received a contract with the Indian Navy to undertake medium refurbishment of two Navy vessels. Under this Rs 150 crore deal, the equipment on board the ships will be upgraded, dry-docked, and refitted.

Earlier in January, CSL secured an order worth Rs 500 crore from a European client for delivering a hybrid Service Operation Vessel. As a part of the order, the company will design and construct the vessel, which has to be delivered in 2026.

The company had also declared an interim dividend of Rs 3.50 per share for the 2023-24 fiscal year.

At 3:30 pm, the shares of Cochin Shipyards closed 5.62% higher at Rs 1,142 on NSE.