Knowledge Marine & Engineering Works Ltd acquires new vessel

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.

KMEW has signed a sale agreement with MIs Abnco Vie Win Ent Pvt Ltd for purchase of a new vessel "Self Propelled Hopper Barge M.V. Abnco VI". The vessel is acquired at a total cost of Rs. 3.50 crores. The said vessel is 2017 built and has a hopper capacity of 886 cubics.

The said vessel will be deployed in Mangrol and other fishing harbour for the Capital Dredging Work.

Corn nting on the said acquisition, Mr. Sujay Kewalramani, CEO of KMEW said: "This acquisition is being made through internal accruals. The addition will be the ~ to our existing fleet and will give sufficient strength to explore emerging dredging opportunities and will broaden our project horizon."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 533.20 as compared to the previous close of Rs. 508.65. The total number of shares traded during the day was 53250 in over 66 trades.

The stock hit an intraday high of Rs. 534.05 and intraday low of 496.00. The net turnover during the day was Rs. 27761250.00.

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks INE0CJD01011 SaleAgreement NewVessel Purchase