Shares of Cochin Shipyard had hit 5% upper circuit on December 27 as Adani Ports and Special Economic Zone Ltd (APSEZ) announced the procurement of eight state-of-the-art harbour tugs, all to be constructed by Cochin Shipyard.
"This initiative aligns with the government’s Make in India and Aatmanirbhar Bharat initiatives by boosting local manufacturing and enhancing self-reliance in the maritime sector," said APSEZ in a stock exchange filing.
With a total contract value estimated at Rs 450 crore, these tugs are expected to begin delivery in December 2026 and continue until May 2028, significantly improving the efficiency and safety of vessel operations in Indian ports, said the company.
At 1:20 pm on December 27, Cochin Shipyard shares were trading 5% higher at Rs 1,539.05 apiece. The stock's market capitalisation is Rs 40,489 crore. Its 52-week low is Rs 611 and 52-week high is Rs 2,979.45.
Ashwani Gupta, Whole-time Director & CEO of APSEZ said: “This collaboration to procure from Cochin Shipyard Ltd signifies our commitment to enhancing maritime infrastructure in India and demonstrates our confidence in our nation's PSUs. By leveraging local manufacturing capabilities, which are world-class, we aim to contribute to the ‘Make in India’ initiative while ensuring that our operations meet international standards of safety and efficiency.”
"Previously, APSEZ contracted the construction of two 62-tonne bollard pull ASD (Azimuthing Stern Drive) tugs to Cochin Shipyard Ltd for Ocean Sparkle Ltd, both of which were delivered ahead of schedule and deployed at Paradeep Port and New Mangalore Port. The construction of three additional ASD tugs is currently underway, bringing the total order to 13 tugs, aimed at providing a younger fleet for efficient and reliable services in the port sector," added APSEZ.
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