Cochin Shipyard bags a defence deal of RS 5400 CR

Kochi OCt 11: The stocks of the Cochin Shipyard have increased by 10 % after it has bagged a deal from Ministry of defense.

The shipyard has said that "the company has received communication from the Ministry of Defence (Navy) that the company has emerged as the L1 bidder for 16 X ASW SWC Project for the Indian Navy".

"The contract for eight vessels at a cost of about Rs 5,400 crore is expected to be concluded with the Ministry of Defence after due process."The shipyard added.



Sources said that both private and public sector companies have participated in the bidding process.

Earlier through the Initial Public Offering (IPO) Cochin Ship Yard has raised an amount of Rs 1,468 from the market in August 2017.