PSU Defence Co Declared L1 Bidder For Rs 300-Cr Indian Navy Contract, Scrip Soars 69% In 1-Yr

Mid cap company operating in Defence sector, Cochin Shipyard Ltd informed BSE on June 9, 2023 that it has emerged as the lowest (L1) bidder for the upgrade of an Indian Navy ship. The expected project cost is approximately Rs 300 crore and the tenure is nearly 24 months, stated the company's exchange filing. Last trading price of Cochin Shipyard share is Rs 540.30 per share with intraday fall of 0.81%. The PSU stock gave 102% return in last 3-years. Check details below:

Cochin Shipyard Declared L1 Bidder By Indian Navy: According to the BSE filing of Cochin Shipyard, "We would like to inform 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 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."

Cochin Shipyard Stock Performance & Return: Last trading price of Cochin Shipyard stock is Rs 540.30 apiece on BSE. Its 52-week high price is Rs 686.80 apiece and 52-week low price is Rs 296.45 apiece, respectively. Its market capitalisation is Rs 7,107.13 crore. Cochin Shipyard company soared 15% in last 3-months, 2% YTD, 69% return in last 1-year, and 38% return in last 2-years.

About: Cochin Shipyard was incorporated in the year 1972 as a fully owned Govt of India company. In the last three decades the company has emerged as a forerunner in the Indian Shipbuilding & Ship repair industry. This yard can build and repair the largest vessels in India, according to its official website.