Defence Stock Gains 3% After Winning ₹1,100 Cr Order

Cochin Shipyard's shares surged on Monday after its subsidiary won a ₹1,100 crore order from Norway firm.

Shares of Cochin Shipyard were rising on Monday morning as the firm's subsidiary won a ₹1,100 crore order from a Norway-based firm.

What Happened: On June 28, Cochin Shipyard announced its subsidiary, Udupi Cochin Shipyard Limited (UCSL) won an international order to construct eight dry cargo vessels from Wilson ASA, a Norway-based firm.

The company will design and manufacture four vessels, with an agreement for an additional four vessels to be formally contracted by September 19. The project is expected to be completed by September 2028. 

The current contract is a continuation of a previous UCSL contract with Wilson ASA to construct six dry cargo vessels, which are currently being constructed at the yard in Udupi, Karnataka.

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Cochin Shipyard, the company behind the construction of INS Vikrant, India’s first indigenous aircraft carrier, had a total order book of ₹21,500 crore as of June 18. 

In its March quarter results, the defence firm saw an over-six-fold increase in net profit year on year, reaching ₹258.9 crore. Its revenue more than doubled to ₹1,286 crore. 

Price Action: Shares of Cochin Shipyard rose 3.20% to ₹2,286 on Monday morning. 

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