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

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

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

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

Next Story
Infrastructure Urban

Sambhajinagar to Make 980 Villages Tanker-Free

The district administration of Chhatrapati Sambhajinagar has unveiled a major initiative to make 968 villages and 12 wadis entirely tanker-free under the Jal Samruddha Gaon Abhiyan.The campaign seeks to establish long-term, sustainable solutions to the district’s worsening water crisis, currently being managed through 263 water tankers. The scarcity has been caused by poor monsoon rainfall and declining groundwater levels across the region.As part of the first phase, officials will conduct a detailed survey of the affected villages and examine over 191 wells to assess the potential for refil..

Next Story
Infrastructure Urban

Srinagar to Anchor Inland Waterways Push in J&K

Srinagar has emerged as the central hub for a major initiative aimed at developing inland water transport (IWT) infrastructure across Jammu and Kashmir.The Inland Waterways Authority of India (IWAI), under the Ministry of Ports, Shipping and Waterways, has inaugurated a regional office at Transport Bhawan in Srinagar. The office will act as the nodal centre for planning and executing IWT projects throughout the Union Territory.The establishment of this office reflects the Union Government’s growing commitment to utilising the region’s river systems for sustainable and low-emission transpor..

Next Story
Infrastructure Transport

Gurugram Metro Phase 1 Clears Land Hurdle

Gurugram’s urban transport network is set for a major overhaul as Gurugram Metro Rail Limited (GMRL) moves forward with Phase 1 of its metro expansion. The project, valued at Rs 12.86 billion, will include a 15.2-kilometre elevated corridor with 14 stations, connecting Millennium City Centre to Sector 9, with an additional spur to Sector 101 on the Dwarka Expressway.In a key development, GMRL has received approval from the Haryana Shehri Vikas Pradhikaran (HSVP) to utilise over 5,800 square metres of land for the construction of 10 stations. These land parcels will accommodate vital infrastr..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?