Mazagon Dock, Cochin Shipyard bag big orders from Ministry of Defence

Earlier in the day, shares of Mazagon Dock closed at Rs 2,046.25, down 4.44 percent on BSE.

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Mazagon Dock Shipbuilders on December 20 said it will be constructing and supplying six vessels to the Indian Coast Guards for about Rs 1,600 crore.

The company said it has signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of six Next-Generation Offshore Patrol Vessels (NGOPVs).

The first vessel will be delivered in 41 months (3 years 5 months) from the date of release of advance payment by the Ministry of Defense and subsequent vessels at intervals of five months. The company did not elaborate on when the payment will be released.

The deal follows an order from an European client worth $42 million signed last week. The company will be constructing and supplying 7,500 DWT Multi-Purpose Hybrid Powered Vessels. The first vessel is to be delivered in 27 months.

Earlier in the day, shares of Mazagon Dock closed at Rs 2,046.25, down 4.44 percent on BSE.

Cochin Shipyard bags Rs 488 cr order

Cochin Shipyard, another government-owned firm, said on December 20 said it signed a deal with the Ministry of Defence for a value of Rs 488.25 crore. The work package includes repair and maintenance of the equipment and systems onboard the naval vessel.

The company added that the work on the same has already been commenced during Q2 of FY24 based on the Approval of Necessity (AoN) from MoD, and is expected to be completed by Q1 of FY25.

Earlier in the day, shares of Cochin Shipyard closed at Rs 1,223.95, down 6.34 percent on BSE.