Knowledge Marine & Engineering Works Ltd - Extension of Work Order from Syama Prasad Mookerjee Port, Kolkata

M/s Indian Ports Dredging Private Limited (IPDPL), A Subsidiary Company of M/s Knowledge Marine & Engineering Works Ltd. ("KMEW" or the "Company") (BSE: 543273), had received an extension on the existing contract of "Dredging of Lock and Approach Jetty and De-siltation of Grooves, Cambers of Lock Gates and Dry Dock Gates at KPD and NSD" for a period of Six Months w.e.f. 24/01/2023 for an amount of Rs. 2.52 Crores (excluding GST) from Syama Prasad Mookerjee Port, Kolkata (SMPK).

The said work is successfully completed by the KMEW Group and the said extension is received by the IPDPL on 23rd February, 2023. This extended work order of Rs. 2.52 Crores from SMPK is an increase of 10.63% in the original work order.

With this extension, group can utilize M.V. River Pearl 2, Self-Propelled Grab Hopper Dredger for a further period of six months. The extended work will be carried out at the same rates, terms and conditions of the original contract.

Commenting on this development, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works said: "The said extension shows the long term relationship and confidence of our employer on us and KMEW Group is pleased to have received this extension from SMPK. The said dredging contract is being executed by River Pearl 2, a self-propelled grab hopper dredger and is successfully well underway. We look forward to completing this enhanced contract and continuing to build a long-term partnership with Kolkata Port Authorities."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1020.00 as compared to the previous close of Rs. 1027.90. The total number of shares traded during the day was 25500 in over 74 trades.

The stock hit an intraday high of Rs. 1044.90 and intraday low of 999.95. The net turnover during the day was Rs. 25743400.00.

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks INE0CJD01011 IndianPortsDredging ContractExtension SyamaPrasadMookerjeePort