Dredging Corporation gains on inking agreement with IWAI
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Dredging Corporation of India is currently trading at Rs. 345.35, up by 1.80 points or 0.52% from its previous closing of Rs. 343.55 on the BSE.
The scrip opened at Rs. 346.60 and has touched a high and low of Rs. 351.70 and Rs. 336.90 respectively. So far 3875 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 456.15 on 29-Nov-2022 and a 52 week low of Rs. 248.10 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 374.60 and Rs. 336.90 respectively. The current market cap of the company is Rs. 973.28 crore.
The promoters holding in the company stood at 73.47%, while Institutions and Non-Institutions held 2.71% and 23.82% respectively.
Dredging Corporation of India has inked Historic Agreement with Inland waterways Authority of India (IWAI) under the Ministry of Ports, Shipping and Waterways, Government of India for the work of ‘Development & Maintenance of fairway width of 32 m and depth of 2 m / 2.5 m for 5 years in various National Waterways in North Eastern Region by undertaking required dredging, bandalling, channel marking, river training etc. to ensure safe navigation of vessels’. The estimated cost of the awarded work is about Rs 204.5 crore initially for a period of 3 years.
Dredging Corporation of India is engaged in providing the services of capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy, marine construction.
