Cochin Shipyard hits record high, Indian Oil touches 52-week peak as PM to inaugurate major infra projects today

State-run shipbuilding and ship repair company Cochin Shipyard's shares soared to a record high on Wednesday as Prime Minister Narendra Modi inaugurated projects worth more than Rs 4,000 crore in Kochi in a major boost to the country's ports, shipping, and waterways sector. The stock of Cochin Shipyard (COCHINSHIP) surged by as much as Rs 96, or 12.1 per cent, to an all-time high of Rs 887.9 apiece on BSE, surpassing an earlier peak of Rs 1,409 registered in late December. 

According to an official statement, the Prime Minister will inaugurate three major infrastructure projects around noon during his scheduled visit to Kochi: the New Dry Dock (NDD) at Cochin Shipyard, the International Ship Repair Facility (ISRF) of the shipbuilder, and the LPG import terminal of oil company Indian Oil Corporation at Puthuvypeen.

Indian Oil Corporation (IOC) shares gained as much as 1.2 per cent to Rs 145.4 apiece on the bourse. 

"With the commissioning of these three projects, the nation’s ship-building and repair capacities as well as growth of energy infrastructure including ancillary industries will get a boost. The projects will also boost EXIM Trade, reduce logistics costs, drive economic growth, build self-reliance and create numerous domestic and international business opportunities," it added. 

PM Modi dedicates Rs 4,000 crore worth of projects to nation including key strategic initiatives at Cochin Shipyard Limited

— Press Trust of India (@PTI_News) January 17, 2024

Cochin Shipyard New Dry Dock

Built at a cost of about Rs 1,800 crore at the premises of Cochin Shipyard, the New Dry Dock is a flagship project reflecting New India's engineering prowess, according to the statement.

It is a one-of-a-kind, 310-meter-long stepped dry dock with a width of 75/60 meters, a depth of 13 meters, and a draught of up to 9.5 metres—one of the largest marine infrastructures in the region.

Cochin Shipyard International Ship Repair Facility (ISRF)

Built at a cost of about Rs 970 crore, this project has a ship lift system with a capacity of 6,000T, a transfer system, six workstations, and a berth of approximately 1,400 metres which can accommodate seven 130-metres long vessels simultaneously.

The ISRF will modernise and expand the existing ship repair capabilities of CSL, and will be a step towards transforming Kochi as a global ship repair hub, it said. 

Indian Oil LPG Import Terminal at Puthuvypeen

Built at a cost of about Rs 1,236 crore, the terminal boasts a storage capacity of 15,400 MT. It is set to further strengthen the country's efforts towards ensuring accessible and affordable energy for all, the statement added.

Cochin Shipyard and IOC shares finished the day 7.2 per cent and 0.3 per cent stronger at Rs 849.1 and Rs 144.1 apiece respectively.

With inputs from agencies

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