Cochin Port Trust awards Rs 122.50 cr contract to Dredging Corp

Dredging service major Dredging Corporation of India (DCI) has acquired a yearly maintenance dredging contract worth Rs 122.50 crore from Cochin Port Trust. The company told the media that the tender includes maintaining the channel and basin at Cochin Port from May 2021 to May 2022. DCI has begun the dredging project at the port by deploying Dredge XV and Dredge VIII. DCI is an Indian Government undertaking involved in the business of dredging. It is engaged in providing the services of maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, Project Management consultancy, and Marine formation. The company recorded a net loss of Rs 25.61 crore in the third quarter (Q3) of FY21 as against a net profit of Rs 31.36 crore in Q3 FY20. Net sales grew from 27.9% to Rs 259.04 crore in Q3 FY21 over Q3 FY20. On the Bombay Stock Exchange (BSE) the scrip shed 0.13% to currently trading at Rs 393. In the past month, the stock has added 14.03% while the benchmark Sensex has increased 4.46% over the same period. Image Source Also read: Adani secures dredging project at Kandla port Also read: IHC Holland to share dredging tech with Cochin Shipyard