Knowledge Marine & Engineering Works Ltd has been awarded the Letter of Award (LoA) by the Visakhapatnam Port Authority for the Supply, Manning, Operation, and Maintenance of 1 No Pilot Launch with a Steel hull on hire basis at a contract value of Rs. 3,44,92,500/- (Rupees Three Crores Forty-Four Lakh Ninety-Two Thousand and Five Hundred Only), excluding GST. The contract is for a period of three years and is set to commence from 24.03.2024.
The award underscores our outstanding execution capabilities, initially demonstrated by securing the maiden contract from Visakhapatnam Port in 2018 for a period of 3 years. This contract then extended for an additional two years upto 23.03.2024, which solidifies our track record. Following its successful completion, we successfully bid for the contract again, reaffirming our commitment to servicing one of India's major ports. Our vessel, River Pearl 3, is poised to continue its dedicated service under this renewed contract for the next three years, starting from 24.03.2024.
Commenting on the Letter of Award, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, "We are pleased to share that we've secured a contract from the Vishakhapatnam Port Authority, underscoring our achievements in the port ancillary business. This success not only strengthens our standing at the port but also underscores our proficiency in securing contracts at higher price points. This contract win is a testament to our ongoing success at the port, having previously received an extension. We believe this achievement sets a benchmark for other major ports in India, further motivating us to explore additional opportunities in the industry."
Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1582.85 as compared to the previous close of Rs. 1663.95. The total number of shares traded during the day was 16750 in over 130 trades.
The stock hit an intraday high of Rs. 1699.95 and intraday low of 1560.00. The net turnover during the day was Rs. 27220262.00.