Cochin Shipyard, Garden Reach shares gain on winning big orders

In the last week of FY23, the Ministry of Defence (MoD) has approved a number of orders, benefitting PSUs such as BEL, BDL, GRSE, Cochin Shipyard and Goa Shipyard.

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Share price of Cochin Shipyard Limited surged over 3 percent on March 31 following the company signing a contract for building vessels for the Ministry of Defence. Garden Reach Shipbuilders also jumped as it also received an order.

“We would like to inform that the contract for construction of said Vessels has been signed between Cochin Shipyard Limited (CSL) and Ministry of Defence this day i.e., March 30, 2023 at New Delhi for a total contract price of Rs 9,804.98 crore,” Cochin Shipyard said in a regulatory filing.

Cochin Shipyard had emerged as L1 bidder in the tender floated for construction of six Next Generation Missile Vessels (NGMV).

The first vessel is to be delivered in 48 months and the last vessel is to be delivered within 108 months, the company added.

As of 10 am, the stock traded up 3.15 percent at Rs 473.75 on BSE.

Garden Reach Shipbuilders & Engineers also signed a contract with the Ministry of Defence for construction of four Next Generation offshore Patrol Vessels (NGOPV). The total project cost of 4 GRSE Vessels is around Rs 3,500 crore.

The first Vessel is to be delivered within 44 months from Contract Signing and subsequent Vessels at six months intervals.

The length of the NGOPVs will be 110 m (Approx) with displacement around 2900 tons and max speed more than 23 knots. The NGOPV should be capable of fulfilling roles such as Seaward Defence, ‘Out of Area’ Contingency Ops (OOAC), NonCombatant Evacuation Ops (NEO), Convoy Operations/Anti-Piracy Missions, Counter Infiltration Ops, Anti-Poaching/Trafficking, HADR, Search and Rescue Missions, Hospital Ship, Fleet Maintenance Support and COMINT Ship.

Shares of Garden Reach  Shipbuilders rose 6 percent to Rs 460 on BSE.