Knowledge Marine gains on getting LoA from Myanmar Port Authority
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Knowledge Marine is currently trading at Rs. 1300.00, up by 25.00 points or 1.96% from its previous closing of Rs. 1275.00 on the BSE.
The scrip opened at Rs. 1275.00 and has touched a high and low of Rs. 1300.00 and Rs. 1270.00 respectively. So far 5625 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. 955.00 on 29-May-2023.
Last one week high and low of the scrip stood at Rs. 1300.00 and Rs. 1228.50 respectively. The current market cap of the company is Rs. 1404.13 crore.
The promoters holding in the company stood at 60.61%, while Institutions and Non-Institutions held 3.38% and 36.01% respectively.
Knowledge Marine & Engineering Works (KMEW) has received a Letter of Award (LoA) from the Myanmar Port Authority for the work of maintenance dredging of the Yangon River for the fiscal 2024-2025. This contract is valued at $4.85 million and to be executed over a period of one year. The said order follows the successful completion of a similar dredging project awarded by Myanmar Port Authority to KMEW in October, 2023. With this current order Company demonstrates its expertise and reliability in dredging operations and marine industry.
The company has secured its third consecutive international order with the recent contract win, following the initial project with the Government of India and the subsequent dredging of the Yangon River. The contract, valued at $4.85 million, is more than double the previous order of $2.20 million received in October, 2023. This increase in order value highlights KMEW's ability to maximise its profits.
KMEW will deploy its existing asset Trailing Suction Hopper Dredger River Pearl 8 which is already in Myanmar since 2021 to execute this work. With this order the said asset will be deployed for one more year in Myanmar. The contract scope includes the maintenance of the Yangon River, a critical component among the nine ports along the Myanmar coast. Furthermore, this contract win will generate significant foreign exchange, underscoring the importance of KMEW's international contract successes.
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.
