Cochin Shipyard signs repair agreement with US Navy; shares scale 52-week high

Cochin Shipyard (CSL) share price touched its 52-week high of Rs 1,135.55 in early trade on April 8 after the company signed the master shipyard repair agreement (MSRA) with the United States Navy.

At 09:33am, Cochin Shipyard was quoting at Rs 1,107.35, up Rs 26.70, or 2.47 percent, on the BSE.

The MSRA is a non-financial agreement and will facilitate repair of US Naval vessels under the Military Sealift Command in CSL.

CSL has been qualified for entering into the MSRA after the US Navy –Military Sealift Command conducted a detailed evaluation process and capability assessment.

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In February, the company signed a contract with the Indian Navy for undertaking medium refits of two naval vessels.

This Rs 150-crore contract is for dry-docking and refit as well as upgradation of equipment on board the ships.

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