Shares of Cochin Shipyard reached a 5% upper circuit on December 27 after Adani Ports and Special Economic Zone Ltd (APSEZ) announced a major order for eight advanced harbour tugs to be built by the company.
While the total contract value for tugs is Rs 450 crore, the deliveries are to start from December 2026, and the last tug will be delivered by May 2028. These Tugs are designed to contribute significantly toward green and efficient operation of vessels at various Indian ports in furtherance of the Government of India initiatives on Make in India and Aatmanirbhar Bharat to augment local manufacturing and self-dependency in the maritime sector.
By 1:20 pm on December 27, Cochin Shipyard shares were trading at Rs 1,539.05 apiece, up by 5 per cent. The company’s market capitalisation now stands at Rs 40,489 crore. The stock has touched a 52-week low of Rs 611 and a 52-week high of Rs 2,979.45.
Ashwani Gupta, Whole-time Director and Chief Executive Officer, APSEZ, said, “This alliance is of particular significance to us because this partnership marks our commitment towards developing better maritime infrastructure in India. By using world-class local manufacturing capabilities, we would be able to contribute to the Make in India vision and meet the standards set for safety and efficiency by the global world.
APSEZ had earlier placed an order for two ASD (Azimuthing Stern Drive) tugs of 62-tonne bollard pull each with Cochin Shipyard for Ocean Sparkle Ltd. The tugs were delivered ahead of schedule and are operational at Paradeep Port and New Mangalore Port. Another three ASD tugs are on order, making the total orders placed by APSEZ with Cochin Shipyard to 13 tugs in its endeavour for modernization of the fleet for efficient port operations.
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Source: Moneycontrol
News Desk
