Dredging Corporation receives Rs 60 crore reclamation contract from NRL; stock spurts ~3%

8 Dec 2022 , 02:16 PM

Numaligarh Refinery Limited (NRL) awarded Dredging Corporation of India Limited the reclamation dredging contract for Numaligarh Refinery Limited (NRL) Crude Oil Import Terminal (COIT) Plot for transportation and pumping of dredge material from Paradip Port Authority Sand Trap to NRL (COIT) Plot for the year 2022-23.

The project has an estimated cost of approximately Rs 60 crore.

The contract awarded by Numaligarh Refinery Limited (NRL) for reclamation dredging contact at NRL COIT Plot is another feather in the cap of Dredging Corporation of India, Visakhapatnam, which is aiming for a record high ever turnover of Rs 1,000 crore for the fiscal year 2022-23.

Dredging Corporation of India Limited (DCI), Visakhapatnam is an Indian-listed dredging company owned by a consortium of four (4) major port authorities, namely Visakhapatnam Port, Paradip Port, Jawaharlal Nehru Port, and Deendayal Port, with a 73.47% stake.

At around 2.20 PM, Dredging Corporation of India was trading at Rs420.35 up by 3.23% from its previous closing of Rs407.20 on the BSE. The scrip touched an intraday high and low of Rs422.45 and Rs406 respectively.

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