The share price of a shipbuilding company opened 6.4% higher from the previous day’s close of Rs 1409 as the company secured a licence to extract marine sand in Bahrain.
Knowledge Marine & Engineering Works, working through its subsidiary ‘Knowledge Dredging Co. W.L.L.’ situated in Bahrain, has been granted a commercial registration with a Licence by the Bahrain Ministry of Industry and Commerce, specifically for the extraction of marine sand. The commencement of operations is scheduled for January 2024.
Securing the Licence for the extraction of marine sand marks a significant milestone for the company, making it the first Indian entity in Bahrain to achieve this recognition. Attaining this position in Bahrain underlines the company’s global competence and showcases the ability to compete on an international scale. This contribution to the topline is set to commence in January 2024.
Till the afternoon on Thursday, the stock was trading around Rs 1,480 levels. In the past month, the stock has gained around 22 percent. Making a debut in the secondary market in March 2021 at Rs 36.85, the stock has given a cumulative return of about 3901.6% so far.
The Primary business of Knowledge Marine & Engineering Works Ltd involves owning, chartering/hiring along with manning, operating, and technical maintenance of marine crafts and maintenance of marine crafts and marine infrastructure in India.
On top of that, the well-known ace investor Ashish Kacholia holds a 2.78 % stake in this company which amounts to 3,00,000 shares in this company. The promoters hold a 67.09 % stake in this company while the remaining lies with the public.
Next, looking at the financials of the company. The Revenue increased by 35.4 % from Rs 79 Crore on H2FY23 to Rs 107 Crore on H1FY24. However, the Net Income increased just by 4.3 % from Rs 23 Crore in H2FY23 to Rs 24 Crore in H1FY24.
Written by Nalin Suriya S
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