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Cochin Shipyard Limited signs an MOU today with Mumbai Port Trust

Posted On: 2018-01-11 03:53:08

Cochin Shipyard Limited (CSL) signed an MOU today with Mumbai Port Trust (MbPT) for management and operation of the Shiprepair Facilities at Mumbai Port trust.

As per the terms of the MOU, MbPT and CSL are to to associate with each other for utilizing the Indira Dock facility at Mumbai Port to set up a Professional Ship Repair Eco system, that would be beneficial for the commercial as well as Defence Ship Repair Industry in India. The MOU also provides for expansion of the Ship repair capacity within the Indira Dock, that may include setting up of a Floating Drydock (FDD) and upgrading existing facility at HDD thereby enhancing the existing Ship repair Capacity in Mumbai Area. This would serve the increasing Ship Repair demands in Mumbai area, being one of the key port of India that connect internationally.

Hughes Dry Dock (HDD) at Mumbai Port Trust of approx. size 305 x 30 metres, built in 1914 is one of the largest graving dry dock on the western coast of India. The objective of the MOU is to develop a world class integrated ship repair facility at Mumbai. HDD is an active area were Mumbai Port Trust gives the dock on lease to owners. With this MOU, CSL is expected to provide end to end shiprepair solution to ship owners.

Cochin Shipyard which commenced shiprepair operations in the year 1982, is today the leading shiprepair yard in the country. It has vast experience in repairing varied type of vessels including defence vessels, tankers, oil rigs, passenger vessels and port crafts. CSL is the only yard which has undertaken drydock repairs to the Indian Navy's Aircraft Carriers. This new initiative of signing the MOU with MbPT is in line with the company's objective to have a pan India presence and the Ministry of Shipping initiatives to create viable Shiprepair hubs all over India.

Shares of Cochin Shipyard Ltd was last trading in BSE at Rs.557.8 as compared to the previous close of Rs. 534.8. The total number of shares traded during the day was 173705 in over 4496 trades.

The stock hit an intraday high of Rs. 569.75 and intraday low of 536.5. The net turnover during the day was Rs. 96788757.

Source: Equity Bulls

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