Knowledge Marine & Eng stock soars 8% on new order win; check details here

Shares of Knowledge Marine and Engineering Works (KMEW) surged up to 7.59 per cent at Rs 1258.95 per share on the BSE in intraday deals. This came after the company bagged a work order from New Mangalore Port Authority (NMPT) on Monday. 

“We are pleased to inform you that KMEW bags word order from New Mangalore Port Authority (NMPT) for the work of hiring one RSV Type IV Security Patrol Boat with a speed of not less than 25 knots. The contract is for a period of five years and is valued at

Rs 9,69,51,470,” the company said in an exchange filing. 

The scope of work includes the supply, manning, operation, and maintenance of a patrol boat, which will be manned and operational 24/7 for patrolling duties under the direction of the CISF. 

The company on Friday also said that its board of directors have approved the increase in the authorised share capital of the company from existing Rs 11 crore to Rs 15 crore, by creation of fresh 40,00,000 equity shares of Rs. 10 each, and consequent alteration to the Memorandum of Association of the company, the company said. 

Incorporated in 2015, KMEW specialises in owning and operating marine crafts, as well as providing dredging, repair, and maintenance services for marine crafts and infrastructure. 

The company offers a range of marine engineering solutions, including dredging at various ports, repairing and refitting naval and merchant ships, conducting hydrographic and magnetometer surveys, and providing technical solutions for vessel maintenance and operations.

The company has a total market capitalisation of Rs 1,328.52 crore. The share price of the company has dropped 18 per cent year to date, while it has slipped 15.4 per cent in the last one year.

At 02:44 PM; the shares of the bank were trading 5.12 per cent higher at Rs 1230 per share. By comparison, the BSE Sensex was up by 0.01 per cent to 80,446.51 levels.