Cochin Shipyard spurts on emerging L1 bidder for Indian Navy contract

Cochin Shipyard jumped 8.6% to Rs 383.55 after the PSU company announced that it has been declared as lowest (L1) bidder in the tender floated by the Indian Navy.

The scope of order involves construction of six Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore.

Cochin Shipyard added that the final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course.

Cochin Shipyard is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, Kerala. As of 31 December 2020, the Government of India held 72.86% stake in the company.

On a consolidated basis, the PSU company posted a 31.8% rise in net profit to Rs 223.73 crore on a 16.4% fall in net sales to Rs 748.7 crore in Q3 FY21 over Q3 FY20.

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