Knowledge Marine & Engineering Works surges as its arm receives Sand Mining License in Bahrain
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Knowledge Marine & Engineering Works is currently trading at Rs. 1468.00, up by 65.15 points or 4.64% from its previous closing of Rs. 1402.85 on the BSE.
The scrip opened at Rs. 1500.00 and has touched a high and low of Rs. 1538.90 and Rs. 1450.00 respectively. So far 1125 shares were traded on the counter.
The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 1815.00 on 01-Sep-2023 and a 52 week low of Rs. 845.10 on 03-Apr-2023.
Last one week high and low of the scrip stood at Rs. 1538.90 and Rs. 1350.50 respectively. The current market cap of the company is Rs. 1515.22 crore.
The promoters holding in the company stood at 67.09%, while Institutions and Non-Institutions held 0.34% and 32.58% respectively.
Knowledge Marine & Engineering Works’ Subsidiary-- Knowledge Dredging Co. W.L.L., Bahrain has received Sand Mining License from Bahrain Ministry of Industry and Commerce, specifically for the extraction of marine sand in Bahrain. The commencement of operations is scheduled for January 2024.
Securing the License for the extraction of marine sand marks a significant milestone for the company, making it the first Indian entity in Bahrain to achieve this recognition. Attaining this position in Bahrain underlines the company's global competence and showcases its ability to compete on an international scale. Moreover, the License also underscores its execution capabilities in the mining and supply of sand, making a direct contribution to our revenue. This contribution to its topline is set to commence in January 2024.
Knowledge Marine & Engineering Works is engaged in the business of owning and operating of Marine Crafts for dredging along with repairs and maintenance/refits of Marine Crafts and Marine Infrastructure.
