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.

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