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Cochin Shipyard stock traded at its upper circuit on Monday after the company signed a contract with the Ministry of Defence, Government of India.
The contract is for the short refit and dry docking of a large Indian naval vessel — INS Vikramaditya — at an overall cost of ₹1207.5 crore, according to Defence Ministry statement. This process involves placing the ship in a dry dock, draining the water, and allowing access to the underwater hull for inspection and cleaning. The focus is on addressing any issues such as minor equipment malfunctions, structural concerns, or routine maintenance. The project is expected to last for five months.
Shares of Cochin Shipyard traded at its upper circuit on the NSE and BSE at ₹1,656.15 and ₹1655.75, respectively, higher by 5 per cent as at 12.47 pm.
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