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Cochin Shipyard sails ahead after signing pact with Mumbai Port Trust

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gained 4.11% to Rs 556.80 at 14:15 on after the company signed a memorandum of understanding with Port for management and operation of the shiprepair facilities at Port

The announcement was made during market hours today, 11 January 2018.

Meanwhile, the Sensex was up 110.99 points or 0.32% at 34,544.06. The Mid-Cap index was up 56.31 points or 0.31% at 18,174.55, underperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 1.45 lakh shares were traded in the counter so far, compared with average daily volumes of 60,290 shares in the past one quarter. The stock had hit a high of Rs 569.75 and a low of Rs 536.50 so far during the day. The stock had hit a record high of Rs 598.90 on 24 November 2017. The stock had hit a record low of Rs 435 on 11 August 2017.

The mid-cap company has equity capital of Rs 135.94 crore. Face value per share is Rs 10.

As per the terms of the memorandum of understanding (MOU), Port (MbPT) and (CSL) are to associate with each other for utilizing the Dock facility at Mumbai Port to set up a professional ship repair eco system, that would be beneficial for the commercial as well as defence ship repair industry in

The MOU also provides for expansion of the ship repair capacity within the Dock, that may include setting up of a floating drydock (FDD) and upgrading existing facility at (HDD) thereby enhancing the existing ship repair capacity in Mumbai area. This would serve the increasing ship repair demands in Mumbai area, being one of the key port of that connect internationally.

HDD at of approx. size 305 x 30 metres, built in 1914 is one of the largest graving dry dock on the western coast of The objective of the MOU is to develop a world class integrated ship repair facility at Mumbai. HDD is an active area were gives the dock on lease to owners. With this MOU, CSL is expected to provide end to end to ship owners.

The new initiative of signing the MOU with MbPT is in line with the company's objective to have a pan India presence and the initiatives to create viable Shiprepair hubs all over India.

Cochin Shipyard's net profit fell 8.1% to Rs 100.21 crore on 7.6% rise in net sales to Rs 583.24 crore in Q2 September 2017 over Q2 September 2016.

which commenced shiprepair operations in the year 1982, is the leading shiprepair yard in the country. It has vast experience in repairing varied type of vessels including defence vessels, tankers, oil rigs, passenger vessels and port crafts.

The government of India holds 75% stake in the firm as on 30 September 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 14:25 IST