Cochin Shipyard share price jumped over 7% in early trade on Tuesday after the company was declared L1 bidder by the Ministry of Defence for the construction of five Next Generation Survey Vessels (NGSV) for the Indian Navy. The PSU defence stock surged as much as 7.27% to ₹1,575.00 apiece on the BSE.
Cochin Shipyard said that the Ministry of Defence has declared the company as L1 in the tender floated by the Ministry of Defence for construction of five Next Generation Survey Vessels (NGSV) for the Indian Navy. The estimated total order value is around ₹5,000 crore.
“The final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course,” Cochin Shipyard said in a regulatory filing on February 16.
At 9:25 AM, Cochin Shipyard share price was trading 5.88% higher at ₹1,554.55 apiece on the BSE.
