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 Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?