The shares of the dredging services provider hit 10 percent upper circuit of Rs 1,130.55 apiece after the company received a new order valued at Rs 2,015 crore from Syama Prasad Mookerjee Port Authority.
Dredging Corporation of India Ltd has a market capitalization of Rs 3,165.54 crore, the shares were trading at Rs 1,130.55 per share, increasing around 10 percent as compared to the previous closing price of Rs 1,027.80 apiece.
Such a bullish movement has been seen in the stock today after Dredging Corporation of India Ltd received a work order from Syama Prasad Mookerjee Port Authority for maintenance Dredging in the Hooghly Estuary primarily in the shipping channel leading to Haldia Dock. the order is valued at Rs 2,015.88 crore and is for a duration of five years.
Dr. Madhaiyaan Angamuthu, IAS, Chairman, VPA/ DCIL, and Shri Burgesh Dubey, Deputy Chairman, VPA & MD & CEO, A/C, DCIL have expressed their gratitude & said “We are honored to be awarded this prestigious contract by SMPA. Our team is committed to delivering high-quality dredging services that meet the stringent requirements of the project. We look forward to contributing to the continued success of the Hooghly Estuary and the Haldia Dock.”
Examining the company’s financial performance, revenue slipped by 17 percent from Rs 337 crore in Q4FY23 to Rs 278 crore in Q4FY24, and during the same time frame, net loss shrunk by 89 percent from Rs 223 crore to Rs 23 crore.
A prominent investor Mukul Agrawal holds 5.05 lakh equity shares which is equivalent to 1.80 percent of the company, as of March 2024.
The stock gave a return of 90.94 percent in six months and a multi-bagger return of 249.17 percent, if an investor invested Rs 1 lakh a year ago, it would now be worth Rs 3.49 lakh.
Dredging Corporation of India Limited (DCI) provides the following services: capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultation, and maritime construction.
Written by:- Abhishek Singh
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