Cochin Shipyard share price rose nearly 4 percent in the early trade on June 3 after the company's subsidiary bagged an order in the range of Rs 100-250 crore.
At 09:31 am, Cochin Shipyard was quoting at Rs 2,021.40, up Rs 73.75, or 3.79 percent, on the BSE.
Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL), has bagged an order from Ocean Sparkle Limited (OSL), an Adani Harbor Services Limited Company.
The contract is for the construction of three ASD (Azimuthing Stern Drive) Tugs of 70 T Bollard Pull Power.
UCSL had earlier contracted the construction of two 62 T bollard pull ASD tugs for OSL.
Both these tugs were delivered by UCSL before contractual delivery dates and have been deployed by OSL at Paradeep Port and New Mangalore Port, the company said.
Catch all market updates in our live blog
These new 70 Tonne Bollard Pull Tugs will have a length of 33 metres, Beam of 12.2 metres and Draft of 4.2 metres. They will be propelled by two main engines of 1838 kW, Thrusters of 2.7 meter Dia, Diesel Generators of 150 kW, Forward Towing Winch, Aft Winch, Deck Crane (3T) and External Fire Fighting System (FIFI-1 - 2800 Cu Mtr per Hr).
UCSL had earlier signed contracts with Polestar Maritime Limited for the construction of 2 ASD tugs of 70 T Bollard Pull. The first vessel has been handed over to the owners ahead of its contractual delivery date. This vessel, named ‘Konna Star’, has been put into operation at Deendayal Port, Kandla.
The second vessel of the series is under construction at the UCSL yard in Malpe, Karnataka. Polestar Maritime Limited has also placed a repeat order on UCSL for the construction of one more 70 T Bollard Pull tug.
“We are extremely happy to be chosen again as the preferred partner by Ocean Sparkle Limited and Polestar Maritime Limited for the construction of tugs for augmenting their fleet. Both CSL and our subsidiary UCSL are committed to delivering high-quality tugs benchmarking construction cycle time with emphasis on sustainable solutions, to serve the evolving maritime eco system,” said Mr. Madhu Nair, CMD, CSL, and Chairman of UCSL.
The company had reported a near seven-fold year-on-year jump in net profit at Rs 258.90 crore while its revenue increased by 114.3 percent YoY to Rs 1,286 crore.
Cochin Shipyard is engaged in shipbuilding and repair of ships/offshore rigs etc. The company is the largest public-sector shipyard in India, and derives major revenue from the Navy. Its primary revenue streams include naval vessel construction, Coast Guard projects, commercial shipbuilding, and vessel repair services.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
