Shares of Cochin Shipyard advanced more than 9 percent intraday Tuesday on order win worth Rs 5400 crore.
The company has emerged as the L1 bidder for 16 X ASW SWC project for the Indian Navy.
The company has received communication from the Integrated Headquarters, Ministry of Defence (Navy), New Delhi.
The contract include eight vessels at a cost of about Rs 5400 crore, which is expected to be concluded with the Ministry of Defence after due process.
The order was bagged against a competitive tender issued by the Ministry of Defence in which both private and public sector yards had participated.
At 14:42 hrs Cochin Shipyard was quoting at Rs 560.70, up Rs 44.70, or 8.66 percent on the BSE.
The share touched its 52-week high Rs 580 and 52-week low Rs 432 on 12 September, 2017 and 10 August, 2017, respectively.Posted by Rakesh Patil