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Defence orders take Cochin Shipyard's stocks to new highs

Cochin shipyard's stock prices rose to an all time high of over ten per cent on October ten as the country's largest ship maker emerged as the lowest bidder and expected to bag the prestigious order to supply eight anti submarine shallow water vessels to Indian Navy for Rs 5400 crores.

The vessels are due to be delivered in the next five years. As it is the company's order book position was comfortable at Rs 3000 crores when the company was listed in the market last month. By bagging the Indian Navy's contract the order position of the shipyard is likely to swell to nearly Rs twelve thousand crores.

The shipyard is also likely to receive an order for building an aircraft carrier when the order book will go up further by another Rs twelve thousand crores.

The shipyard is ploughing the funds received from the recent public issue to set up a large shipbuilding dry dock and an international ship repair facility. Due to limited capacity in the ship yard it has rejected at least 25 orders every year.

The new capacity addition program will see the company repair broader range of vessels and boost the ship repairing revenues considerably.


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