Shares of Cochin Shipyard Ltd climbed 5 per cent in Friday's trade after Adani Ports & Special Economic Zone Ltd (APSEZ), placed India's largest order of eight harbour tugs with the PSU defence player for Rs 450 crore. This initiative aligns with the government’s Make in India and Aatmanirbhar Bharat initiatives by boosting local manufacturing and enhancing selfreliance in the maritime sector, Adani Ports said in a BSE filing.
Shares of Cochin Shipyard hit their 5 per cent upper circuit limit at Rs 1,539.05 on BSE. The mnultibagger PSU stock is up 126 per cent in 2024 so far.
Adani Ports said the total contract value is estimated at Rs 450 crore and these tugs are expected to see deliveries starting December 2026. They may continue until May 2028, significantly improving the efficiency and safety of vessel operations in Indian ports.
Whole-time Director & CEO of Adani Ports, Ashwani Gupta, said: “This collaboration to procure from Cochin Shipyard Ltd signifies our commitment to enhancing maritime infrastructure in India and demonstrates our confidence in our nation's PSUs. By leveraging local manufacturing capabilities, which are world-class, we aim to contribute to the ‘Make in India’ initiative while ensuring that our operations meet international standards of safety and efficiency.”
To recall, Adani Ports earlier contracted the construction of two 62-tonne bollard pull ASD (Azimuthing Stern Drive) tugs to Cochin Shipyard Ltd for Ocean Sparkle Ltd, both of which were delivered ahead of schedule and deployed at Paradeep Port and New Mangalore Port.
"The construction of three additional ASD tugs is currently underway, bringing the total order to 13 tugs, aimed at providing a younger fleet for efficient and reliable services in the port sector. This initiative underscores the importance of sustainable practices in shipbuilding and reinforces the strategic significance of the maritime industry in India's economic growth," Adani Ports said in a BSE filing.
Meanwhile, Adani Ports shares were down 0.38 per cent at Rs 1,239.15.