Cochin Shipyard Bags Rs 488.25-Crore Order From Defence Ministry

Cochin Shipyard Ltd. has bagged a Rs 488.25 crore order from the Ministry of Defence for refitting of naval ships.

The work on the order already commenced in Q2 FY24, based on the approval of necessity from the government, and is expected to be completed by Q1 FY25, according to an exchange filing on Wednesday.

The order involves the repair and maintenance of the equipment and systems onboard the naval vessel.

The company, with its pan-India presence, is focusing on expanding its footprint and developing a larger ecosystem for shipbuilding and repairs across the nation, the statement said.

In October, Cochin Shipyard secured a Rs 313.4 crore order from the Ministry of Defence for mid-life upgrades and re-powering of INS Beas.

Shares of Cochin Shipyard closed 6.34% lower at Rs 1,223.95 apiece on Wednesday, ahead of the announcement, compared with a 1.30% decline in the benchmark BSE Sensex.