Knowledge Marine & Engineering Works Ltd receives additional work order from Dredging Corporation of India

Knowledge Marine & Engineering Works Ltd. ("KMEW" or the "Company") (BSE: 543273), had received one-year dredging contract worth Rs. 67.85 crores from Dredging Corporation of India ("DCI") for its Mangrol Fishing Harbour facility in May, 2022 for capital dredging in hard rock.

The ongoing work is 50% complete and on 30th December, 2022, KMEW has received an additional work order of Rs. 16.50 Crores from DCI under the original contract. The additional work order increases the target estimated dredging quantity from 110,150 Cubic Meters to 136,937 Cubic Meters which is an increase of 24% in the original work order. The additional dredging work will be carried out at the same rates, terms and conditions of the original contract. KMEW is fully equipped to execute the additional work with the equipment present at Mangrol Site.

Commenting on this development, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works said: "KMEW is pleased to have received this additional work order from DCI as it reflects the strong working relationship we have been able to develop over a short period of time. The Mangrol Fishing Harbour contract is being conducted by River Pearl 11, a self-propelled hopper barge (built 2017), and is successfully well underway. We look forward to completing this enhanced contract and continuing to build a long-term partnership with the DCI, Gujarat Maritime Board and Department of Fisheries, Government of Gujarat."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1016.70 as compared to the previous close of Rs. 1040.35. The total number of shares traded during the day was 7250 in over 28 trades.

The stock hit an intraday high of Rs. 1040.00 and intraday low of 1004.40. The net turnover during the day was Rs. 7398650.00.

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks INE0CJD01011 KMEW OrderWin AdditionalWorkOrder DCI