Dredging Corporation zooms ~3.5% on winning ~Rs250 crore JNPA yearly maintenance order

16 Jun 2022 , 10:02 AM

Dredging Corporation of India Limited (DCI) informed that Jawaharlal Nehru Port Awards (JNPA) has awarded the maintenance of the Mumbai & JNPA navigational channel to the company.

The award includes dredging of 20 million cubic meters plus or minus 20% yearly with the project cost of about Rs250 crore per year.

Ministry of Ports Shipping & Waterways promoted dredging guidelines 2021 and laid emphasis that major ports should be awarded dredging contracts on a long-term basis. This three-year long-term contract by JNPA shall bring an assured revenue to DCI’s top-line amounting to Rs250 crore per year.

The extension of this contract by JNPA is a feather on the cap of company and is aiming at a record highest ever turnover of Rs1,000 crore for the current financial year 2022-23.

Dredging Corporation is a listed dredging company in India under the consortium of four major port authorities namely, Paradip Port, Visakhapatnam Port, Deendayal Port, and Jawaharlal Nehru Port.

At around 10.05 AM, Dredging Corporation was trading at Rs296.60 up by Rs10.05 or 3.51% from its previous closing of Rs286.55 on the BSE. The scrip opened at Rs290.05 and has touched a high and low of Rs300 and Rs290 respectively.