Knowledge Marine & Engineering Works Ltd, having been awarded the Letter of Award (LoA) by the Mumbai Port Authority for hiring of two nos. highly maneuverable Dock tugs for a contract valued at Rs 34,49,19,890/- (Rupees Thirty-Four Crores Forty-Nine Lakhs Nineteen Thousand Eight Hundred Ninety). The total tender amount including the fuel consumption stands at Rs 126,91,45,150 (Rupees One hundred twenty-six crores, ninety-one lakhs, forty-five thousand, one hundred fifty) for a period of 7 years.
Mumbai Port Trust (MPT), situated on the West Coast of India, predominantly handles bulk cargo, with container traffic redirected to Nhava Sheva Port across the harbour. To facilitate vessel maneuvering within the port, tugboats play a crucial role by exerting force to guide them. With our recent contract win, we now have the opportunity to deploy our two tugboats on a daily hire basis for shipping operations within the dock basin, the locks, and along the harbour wall.
Commenting on the Letter of Award, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, "We are thrilled to announce our first-ever contract win with Mumbai Port Trust, a testament to our ongoing efforts to expand our presence in serving various ports across India. This milestone represents a breakthrough in the Tugboat sector, and we are confident that this success will pave the way for additional orders in port ancillary services. After the construction of two tugs for Mumbai Port, our fleet size will increase to 16 vessels. Our achievements align seamlessly with the Government of India's vision to enhance the operational efficiency of ports, and we are eager to contribute further to this initiative."
Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1316.65 as compared to the previous close of Rs. 1386.00. The total number of shares traded during the day was 17375 in over 102 trades.
The stock hit an intraday high of Rs. 1414.00 and intraday low of 1290.00. The net turnover during the day was Rs. 23243712.00.