Source : Equity Pandit
PM Modi Inaugurates New Dry Dock and Ship Repair Facility at Cochin Shipyard Ltd; Shares Hit Record High
Cochin Shipyard’s shares hit a fresh record high in the early morning trade on Thursday, a day after the Hon’ble Prime Minister of India Narendra Modi inaugurated the company’s new Dry Dock and the International Ship Repair Facility (ISRF) in Kochi.
Shares of Cochin Shipyard hit a 52-week high of Rs 896.10, up 5.5% from its previous closing price on the National Stock Exchange (NSE). At 11:50 am, the stock was trading 1.7% higher at Rs 863.90.
The biggest shipbuilder in the country by dock capacity invested a total of Rs 2,769 crore in the two projects. The inaugural also witnessed the presence of the Governor of Kerala, Chief Minister of Kerala, Union Minister for Ports, Shipping and Waterways and other high-level dignitaries.
Constructed by Larsen & Toubro, the Rs 1,799 crore New Dry Dock is 310 meters long, 75/60 meters wide, 13 meters deep and has a draught of up to 9.5 metres. The new dry dock is the largest in the country and will start operations in May or June.
The ISRF project, costing Rs. 970 crores, is set up across 42 acres of leased premises at Willingdon Island, Kochi. The ISRF has a ship lift system of 6,000-ton capacity, a transfer system, six workstations and a berth of approximately 1,400 metres.
Both projects will generate direct employment for about 2,000 persons each with a multiplier effect of 5-6 times.
Germany’s Inros Lackner SE and Tata Consulting Engineers were the project management consultants for the ship repair facility, while Dutch firm Haskoning DHV Consulting was the consultant for the dry dock project.
