Cochin Shipyard Hits 52-Week High as New Dry Dock and Repair Facility Open in Kochi

18 Jan 2024 , 11:51 AM

Cochin Shipyard Limited (CSL) shares surged 5.5% to reach a new 52-week high of Rs 896 in morning trade following the inauguration of a new dry dock and international ship repair facility (ISRF) in Kochi.

The newly established dry dock, with a cost of Rs 1,799 crore, is located at CSL’s existing premises in Kochi. It boasts heavy ground loading capabilities, positioning India to handle strategic assets like future aircraft carriers with up to 70,000 tonnes displacement and large commercial vessels.

At the time of writing, the stock was trading at Rs 865.00 which is a 1.92% increase from the previous close.

The ISRF, with a cost of Rs 970 crore, is situated on 42 acres of leased premises at Willingdon Island, Kochi, under the Cochin Port Authority. It is equipped with a ship lift system (6,000 tonnes capacity), a transfer system, six workstations, and a berth of approximately 1,400 meters, capable of accommodating seven vessels of 130 meters simultaneously.

In the previous month, CSL secured a contract with the Ministry of Defence (MoD) valued at Rs 488.25 crore. The contract encompasses the repair and maintenance of equipment and systems on board naval vessels.

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