Dredging Corporation’s shares hikes 5% after Rs 250 cr contract
  1. Home
  2. Infrastructure Transport
  3. PORTS & SHIPPING
  4. Dredging Corporation’s shares hikes 5% after Rs 250 cr contract
PORTS & SHIPPING

Dredging Corporation’s shares hikes 5% after Rs 250 cr contract

21 Jun 2022 CW Team
Dredging Corporation of India's shares climbed 5% in the recent trading session after the company received a Rs 250 crore yearly maintenance contract for the Mumbai and JNPA navigation channels, which includes dredging of around 20 million cubic metres.

Following the renewal of the contract by Jawaharlal Nehru Port Trust (JNPT), the Dredging Corporation of India is planning for its largest-ever turnover of Rs 1,000 crore for the financial year (FY) 2022-23.

The Ministry of Ports, Shipping, and Waterways issued dredging guidelines for 2021, emphasising the need for large ports to award long-term dredging contracts.

A three-year long-term contract issued by JNPA would provide DCI with guaranteed revenue of Rs 250 crore annually.

The stock was trading at Rs 294.8. On the Bombay Stock Exchange (BSE), it reached a high of Rs 300, up from the previous closing of Rs 286.55.

Dredging Corporation of India Ltd., formed in 1976, is a smallcap business in the shipping industry with a market cap of Rs 802.34 crore.

The stock returned a negative 28.39% over three years, compared to a 36% increase in the Nifty Smallcap 100. As of March 31, 2022, promoters owned 73.47% of the firm.

Image Source

Also read: Investcorp to invest $400 mn in Indian school infra, warehousing
Discover the Cement Expo! Click the button below to explore all the event details.

Visit Cement Expo Website

Dredging Corporation of India's shares climbed 5% in the recent trading session after the company received a Rs 250 crore yearly maintenance contract for the Mumbai and JNPA navigation channels, which includes dredging of around 20 million cubic metres. Following the renewal of the contract by Jawaharlal Nehru Port Trust (JNPT), the Dredging Corporation of India is planning for its largest-ever turnover of Rs 1,000 crore for the financial year (FY) 2022-23. The Ministry of Ports, Shipping, and Waterways issued dredging guidelines for 2021, emphasising the need for large ports to award long-term dredging contracts. A three-year long-term contract issued by JNPA would provide DCI with guaranteed revenue of Rs 250 crore annually. The stock was trading at Rs 294.8. On the Bombay Stock Exchange (BSE), it reached a high of Rs 300, up from the previous closing of Rs 286.55. Dredging Corporation of India Ltd., formed in 1976, is a smallcap business in the shipping industry with a market cap of Rs 802.34 crore. The stock returned a negative 28.39% over three years, compared to a 36% increase in the Nifty Smallcap 100. As of March 31, 2022, promoters owned 73.47% of the firm. Image Source Also read: Investcorp to invest $400 mn in Indian school infra, warehousing

Previous
Govt to spend Rs 1,900 cr for 45 Ro-Ro ferry projects

Next
JM Baxi ports to bid for port associated projects worth Rs 7,000 crore

Related Stories

Gold Stories

Opinion Poll

Question : What are you most interested in Construction Technology?

Latest updates

ROADS & HIGHWAYS
04 Dec 2023

How critical equipment helped rescue trapped workers in Uttarkashi tunnel collapse

RAILWAYS & METRO RAIL
04 Dec 2023

Railway Freight Rates Surge for Automobile Transport

RAILWAYS & METRO RAIL
04 Dec 2023

Noida Metro Aqua Line Expands, Enhancing Connectivity

AVIATION & AIRPORTS
04 Dec 2023

Noida Airport Innovates for Enhanced Passenger Experience

RAILWAYS & METRO RAIL
04 Dec 2023

DP World Unveils Rail Freight Link from Hazira to Delhi

RAILWAYS & METRO RAIL
04 Dec 2023

MNCs Approved for Advanced Train Collision System on Indian Railways

ECONOMY & POLICY
04 Dec 2023

Gujarat's Semiconductor Policy Targets 200,000 Jobs in 5 Years

COAL & MINING
04 Dec 2023

India's Coal Production Surges with 11% Yearly Growth in November

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram