The Indian Navy has awarded a first of its kind contract to ABG Shipyard Ltd to build two cadet training ships, the deal being worth INR 9.70 billion, which will be used for providing basic training to the naval cadets and trainees and carrying out disaster relief, search and rescue operations. As per the deal, APG would construct the vessels at its Dahej and Surat yards and the ships will be about 110m in length and capable of attaining a top speed of 29 knots.
ABG Shipyard Ltd. has India's largest private sector shipbuilding yard and with the help of the world class manufacturing facilities present at its yards (such as Dahej and Surat), ABG has delivered over 140 vessels all over the world. The total order book of the company currently stands at INR 148.90 billion.
The scrip for ABG shipyard closed at INR 361.80 (down 1.96%) with the day's high and low being INR 371.95 and INR 353.15. The total traded quantity stood at 4.81 million shares.