Dredging Corporation Secures ₹156.50 Cr Contract From Cochin Port Authority

The Dredging Corporation of India Limited (DCIL) has secured an annual maintenance dredging contract from the Cochin Port Authority.

What Happened: The maintenance dredging contract encompasses dredging of the Cochin Port’s outer channel, approach channel, ICTT Basin, LNG Basin Channels (Ernakulam Channel & Mattancherry Channel), and other areas of Cochin Port. This operation is vital for the port’s functionality, facilitating smooth and efficient maritime trade activities. The contract, valued at ₹156.50 crores, is for the fiscal year 2024-25 and includes a provision for a one-year extension.

Last month, the company secured an order worth ₹2,015.88 crore from the Syama Prasad Mookerjee Port Authority (SMPA) for five years. This order involves maintenance dredging in the Hooghly Estuary, particularly in the shipping channel leading to Haldia Dock.

See Also: Micro Cap Stock Rockets 7% After Bagging Contract From ONGC

The government has divested all its stake in the company along with transfer of control and management. It is now jointly owned by several port authorities: the Visakhapatnam Port Authority, Deendayal Port Authority, Jawaharlal Nehru Port Authority, and Paradip Port Authority. As of the end of the March quarter, the Visakhapatnam Port Authority holds a 19.47% stake, while the other three authorities each own an 18% stake.

The Life Insurance Corporation of India (LIC) also holds a 4.39% stake in Dredging Corporation. Ace investor Mukul Agrawal also owns a 1.8% stake in the company.

Price Action: Dredging Corporation’s share price was up 5% to close at ₹1,340.05 on Thursday.

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