Cochin Shipyard rises after bagging order worth Rs 300 crore

Cochin Shipyard share price NSE: Shares of Cochin Shipyard rallied on Monday's trade after one of the largest shipbuilding and maintenance facility companies emerged as L1 (lowest bidder) for an order worth Rs 300 crore by the Indian Navy.

Cochin Shipyard share price NSE: Cochin Shipyard shares finished at Rs 555.90, up by Rs 16.15, or 2.99 per cent on Monday. Image: Official website

Cochin Shipyard share price NSE: Shares of Cochin Shipyard rallied on Monday's trade after one of the largest shipbuilding and maintenance facility companies emerged as L1 (lowest bidder) for an order worth Rs 300 crore by the Indian Navy. Cochin Shipyard shares jumped as much as 6.35 per cent to Rs 574 on Monday from the previous close of Rs 539.75 on the NSE. Cochin Shipyard shares finished at Rs 555.90, up by Rs 16.15, or 2.99 per cent on Monday.

Source: NSE

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Cochin Shipyard informed the exchanges on Friday that it has been declared L1 (lowest bidder) by the Indian Navy for the MR/mid-life upgrade of an Indian Naval Ship.
"We would like to inform you that the company has received a communication today from the Ministry of Defence stating that Cochin Shipyard Limited (CSL) has been declared as L1 by the Indian Navy for MR/Mid Life Upgrade of an Indian Naval Ship," the regulatory filing stated.

The final contract will be executed in due course. The estimated contract value is around Rs 300 crore (approx.) and the estimated duration is around 24 months," it said further.

Cochin Shipyard share price history

Cochin Shipyard's stock has given a positive return of over 81 per cent in the last 12 months (June 13, 2022). In comparison, the headline index, Nifty, has rallied nearly 18 per cent.

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