In a market where most stocks are falling like nine pins, Dredging Corporation of India (DCI) is holding very strong. From its close of yesterday at Rs.362.80, though it opened lower at Rs.361, it went on to hit a new high at Rs.435.35 and it continues to trade over 16% higher at Rs.421 levels.
The stock continues to react to its news of signing up 18 MoUs worth Rs.14,000 crore with ports, ship builders, ship repair complex, research organisation and maritime States under 'Make in India' and 'Aatma Nirbhar Bharat' to achieve self-reliance, develop and maintain the long coastline.
And amongst this is its MoU with Cochin Shipyard to construct the first ever Trailing Suction Hopper Dredger in Indian shipyard.
This in line with DCIs plan to expand and strengthen its fleet of dredgers. Currently, DCI owns 10 dredgers of different sizes and capacities, equipped to handle 60 million cubic metres (mcm) of sand per year. The annual, current requirement for ports that need dredging is close to 105 mcm, expected to rise to 160 mcm in next 10 years. DCI wants to expand to meet this rising demand. DCI is negotiating with Kochi Shipyard for building a 7,700 to 12,000-cubic metre dredger.