Dredging Corporation of India scales 52-week high

Dredging Corporation of India rose 1.99% to Rs 271.50 at 11:32 IST on BSE after the company said that the third Trailer Suction Hopper Dredger - DCI Dr. XXI with 5500 Cu.M Hopper capacity has been launched on 8 August 2013, at Netherlands.

The announcement was made after market hours on Monday, 12 August 2013.

Meanwhile, the S&P BSE Sensex was up 190.52 points or 1.01% at 19,137.50.

On BSE, 41,000 shares were traded in the counter as against average daily volume of 13,595 shares in the past one quarter.

The stock hit a high of Rs 277.40 so far during the day, which is also its 52-week high for the counter. The stock hit a low of Rs 262.30 so far during the day. The stock had hit a 52-week low of Rs 152.25 on 31 July 2013.

The stock had outperformed the market over the past one month till 12 August 2013, galloping 49.89% compared with the Sensex's 5.07% fall. The scrip had also outperformed the market in past one quarter, jumping 7.14% as against Sensex's 5.84% fall.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

Dredging Corporation of India said the vessel is expected to be delivered in February, 2014. This is the third in the series of the three vessels being built by IHC Dredger BV, Netherlands the first two vessels have already been delivered and joined the fleet in December 2012 and July 2013 respectively, the company said.

Dredging Corporation of India reported net profit of Rs 10.06 crore in Q1 June 2013, as against net loss of Rs 6.68 crore in Q1 June 2012. Net sales rose 38% to Rs 176.47 crore in Q1 June 2013 over Q1 June 2012.

State-owned Dredging Corporation of India is the premier dredging company in the country. Dredging is the process of excavating/ or removing soil/or rock from under the water by a dredger. The main objective of dredging is the creation of deeper water to improve navigation. The Government of India (GoI) holds 78.56% stake in the firm (as per the shareholding pattern as on 31 March 2013).

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