Knowledge Marine and Engineering (KMEW) announced that it has been awarded a contract worth Rs 68 crore exclusive of taxes from state-owned Dredging Corporation of India. This is for capital dredging at Mangrol Fishing Harbours Phase III.
This takes its entire order book to race past Rs 250 crore mark, which is almost equal to its existing market cap of Rs.256 crore.
The company expects to register a turnover of more than Rs 125 crore in the current fiscal year, by completing half of the order book. Also, there would be no additional capital expenditure incurred by the company. The order is slated to be completed in two stages, whose timeline ends on June 15, 2023. Also, the contract can be extended if the quantity of work increases more than 20%.
The company has partnered with Sahara Dredging for the smooth execution of the project and will soon deploy their fleet to carry out the work.
On the back of over 3.5x rise in volumes, the stock, which had closed yesterday at Rs.245, opened today at Rs.250 and went up further to an intraday high at Rs.260. Its 52-week high is at Rs.280.