Cochin Shipyard scales 52-week high on new dry dock and repair facility

Shares of Cochin Shipyard Limited surged 5.5 percent to hit a new 52-week high of Rs 896 in morning trade after the company opened a new dry dock and the international ship repair facility (ISRF) in Kochi.

The dry dock, costing Rs 1,799 crore, is set up at the existing premises of CSL in Kochi. “It features heavy ground loading which will position India with advanced capabilities to handle strategic assets like future aircraft carriers up to 70,000 tonnes displacement as also large commercial vessels,” it said in a press release.

Just after the quick gains, some profit-booking crept in, as the stock pared gains and was trading at Rs 857, up 1 percent from the previous close on the NSE as of 9:57am.

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The repair facility, costing Rs 970 crore, is set up in 42 acres of the Cochin Port Authority leased premises at Willingdon Island, Kochi. The ISRF is equipped with a ship lift system with a capacity of 6,000 tonnes, a transfer system, six workstations and a berth of approximately 1,400 metres which can simultaneously accommodate 7 vessels of 130 metres in length.

Last month, the company signed a contract with the Ministry of Defence (MoD) for a value of Rs 488.25 crore. The work package included repair and maintenance of the equipment and systems onboard the naval vessel.

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