Knowledge Marine & Engineering Works Ltd awarded extension of contract by Visakhapatnam Port Authority

Knowledge Marine & Engineering Works Ltd. "KMEW" (BSE: 543273), engaged in the business of owning and operating Marine Crafts, dredging, repair and maintenance / refits of Marine Crafts and Marine Infrastructure, has received an extension of their existing contract for 'Supply, Manning, Operation and Maintenance of 1 No. Pilot Launch with steel hull' for hiring of River Pearl 3 by Visakhapatnam Port Authority (VPA).

The first contact was issued by VPA in 2018 vide Work Order No. IM&EE/MOF /MARINE/HIRING OF PILOT LAUNCH/4806 dated 31st October 2018 for the same scope of work. The contact was valid for a period of three years and on successful completion of the same, VPA has consented for the extension of the said contract for a further period of two years. With such extension the contract is now valid till 23rd March 2024.

The total extended project is valued at Rs. 2.20 crores plus Fuel Cost and GST, at actuals. The original contract had an extension clause for two more years after the satisfactory performance of the contract.

Commenting on the performance, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Limited said: "This contract extension by Visakhapatnam Port Authority is a huge testimony of our excellence and demonstrates our company's performance and capabilities. The company aspires to fulfil more such commitments in the field of marine services and emerge as a global player."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 235.00 as compared to the previous close of Rs. 239.30. The total number of shares traded during the day was 750 in over 1 trades.

The stock hit an intraday high of Rs. 235.00 and intraday low of 235.00. The net turnover during the day was Rs. 176250.00.

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks INE0CJD01011 ContractExtension VisakhapatnamPortAuthority