Cochin Shipyard stock hits 5% upper limit on pact with Seatrium Letourneau

The Cochin Shipyard share rose after the company entered into a Memorandum of Understanding with Seatrium Letourneau for the design and critical equipment for jack-up rigs for the Indian market

Cochin Shipyard hits upper circuit: Shipbuilder Cochin Shipyard shares were locked in the 5 per cent upper circuit at Rs 1,363.40 per share on Monday, November 25, 2024. 

 

The uptick in Cochin Shipyard share price came after the company entered into a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian market.

 

In an exchange filing, Cochin Shipyard, said, “We would like to inform you that Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MOU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian Market.”

 

With Cochin Shipyards’ extensive experience in ship construction and engineering and SLET’s renowned technical expertise and design capabilities, this partnership aims to capitalise on opportunities for Mobile Offshore Drilling Units (MODUs) designed to meet the needs of the Indian market, the company revealed.

 

The collaboration is in line with the Government’s efforts under the "Make in India" initiative, Cochin Shipyard added.

 

Cochin Shipyard, established in 1972, is among the leading players in vessel construction, repair, and refit services, including periodic upgrades and life extensions for ships. Famous for its expertise, CSL has built and repaired some of the largest ships for prestigious clients worldwide and has exported approximately 45 vessels internationally. 

 

The company’s experience spans from constructing bulk carriers to advanced technological vessels, including Platform Supply Vessels and Anchor Handling Tug Supply Vessels.

 

The market capitalisation of Cochin Shipyard is Rs 35,868 crore, according to BSE. The company falls under the BSE500 category.

 

The 52-week high of the Cochin Shipyard stock is Rs 2,977.10 per share while its 52-week low is Rs 553.33 per share.

 

At 11:00 AM, Cochin Shipyard share price continued to remain locked in the 5 per cent upper circuit at Rs 1,363.40 per share. In comparison, BSE Sensex was trading 1.52 per cent or 1,201.17 points higher at 80,318.288 levels.