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NRIPage | Articles | Cochin Shipyard Shares Surge After Rs 450 Crore Order from Adani Ports | Get Indian Desi Latest Political News & Updates in USA. Get domestic, republic government updates - NRI Page
Cochin Shipyard’s stock saw a significant surge on Friday, hitting an upper circuit limit, following the announcement of a major order from Adani Ports and Special Economic Zone Ltd. The order, valued at approximately Rs 450 crore, is for the construction of eight state-of-the-art harbour tugs, making it the largest contract for the company under the government’s Make in India scheme.
Adani Ports emphasized its commitment to the "Make in India" and "Aatmanirbhar Bharat" initiatives, highlighting the importance of local manufacturing capabilities to meet international standards. Ashwani Gupta, CEO of Adani Ports, stated that this project would contribute significantly to enhancing the self-reliance of India’s maritime sector.
This new order follows previous successful contracts between Adani Ports and Cochin Shipyard, which included two 62-tonne tugs, delivered ahead of schedule. Additionally, three more ASD tugs are currently under construction, increasing the total number of tugs ordered to 13.
Following the announcement, Cochin Shipyard’s share price surged by 5%, reaching Rs 1,539.05 per share, outperforming the broader market. Over the last year, Cochin Shipyard’s shares have increased by 126.49%. Analysts have generally maintained a positive outlook on the company, with four out of five recommending a 'buy' rating.
