You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Cochin Shipyard spurts on emerging L1 bidder for Indian Navy contract

Capital Market 

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.

Powered by Capital Market - Live News

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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 23 2021. 14:09 IST