Stock Report

KMEW secures a major dredging contract from RKEC Projects Ltd for the Fishery Harbor Work at Veraval, Gujarat

Posted On : 2023-03-20 22:23:03( TIMEZONE : IST )

M/s Knowledge Marine & Engineering Works Ltd. "KMEW" (BSE: 543273), has entered into a Contract received with M/s RKEC Projects Limited on 20% March, 2023 for the work of Development of Fishery Harbour at Veraval (Phase - II), Package, Gir Somnath of M/s Gujarat Maritime Board (GMB) for an amount of Rs. 47.02 crores (including GST) for a period of 30 months. This is the consecutive second order of the Company for development of fishing harbor in Gujarat. The project is being developed under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).

The scope of work includes the dredging of inner and outer Harbour areas for removal of all types of soft soil such as sand, silt, clay etc. and removal of hard strata such as gravel, weathered rock, boulders to improve navigation in the area. KMEW needs to mobilize and deploy the Equipments by 30 September, 2023 for the said project.

This order will be KMEW's second Rock Dredging work after Mangrol Fishing Harbour Work. KMEW will execute the work single handedly with the deployment of suitable equipment.

KMEW will work closely with RKEC and Gujarat Maritime Board ("GMB") to obtain all the necessary statutory permissions and ensure compliance with highest standards of safety and environmental regulations.

Commenting on the performance, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Limited said: "We are pleased to partner with RKEC in their dredging project for Gujarat Maritime Board. This is a strategic tie up. We shall offer dredging services to RKEC in their EPC Contracts. Our extraordinary performance at Mangrol Fishing Harbor has made us stand out amongst the competition. Our dedicated technical team will ensure all regulatory requirements are adequately met and high-quality service delivered to meet both RKEC and GMB objectives. This is an exciting project as it is the second order we have recently received for a fishing harbor in Gujarat. In January 2023, we announced an additional work order from Dredging Corporation of India for its Mangrol Fishing Harbor facility. KMEW has started 2023 by significantly strengthening visibility on its contractual revenues."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1001.35 as compared to the previous close of Rs. 1026.35. The total number of shares traded during the day was 6750 in over 24 trades.

The stock hit an intraday high of Rs. 1020.00 and intraday low of 975.00. The net turnover during the day was Rs. 6711762.00.