Cochin Shipyard stocks rally 3.5% on securing defence project worth Rs 300 crore

Cochin Shipyard Ltd has informed to the exchanges regarding receipt of order for MR/Mid Life Upgrade of Indian Naval Ship.

As per the regulatory filing, the Company has received a communication 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. 

Further, it is said that 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, the company informed.

During the afternoon trade on Monday, shares of Cochin Shipyard were trading at Rs 559.20 per share higher by 3.5% on the BSE.

Source: Media reports