Cochin Shipyard has won a contract with Indian Navy for construction of six of Next Generation Missile Vessels (NGMV). The state run firm emerged as the lowest bidder and grabbed the order worth Rs 10,000 crore.
As a result, Cochin Shipyard share price jumped over 9 percent intraday today. The stock was trading at Rs 386.30, up Rs 33.15, or 9.39 percent at 13:59 hours.
It touched an intraday high of Rs 393.70 and an intraday low of Rs 349.05.
"We would like to inform that at the meeting held at the Ministry of Defence, New Delhi, Cochin Shipyard Limited has been declared as L1 in the tender floated by the Indian Navy for construction of six of Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore," the company said in an exchange filing.
"The final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course," it added.
The company posted a 32 percent rise in consolidated net profit at Rs 223.73 crore during the quarter ended December. It had posted a net profit of Rs 169.81 crore during the same quarter a year ago, the company said in a BSE filing.
Magazine
.jpg "Precise Fasteners: Committed To Fulfilling Client Expectations, Every Time!")
