Shares of Dredging Corporation of India Ltd. jumped 20% on Monday, November 3, after the state-run firm signed several MoUs during India Maritime Week and received a major modernization plan from the government.
In a stock exchange filing, the company announced signing 22 MoUs with 16 organizations during the event held from October 27 to 31. The agreements, valued at ₹17,645 crore—nearly seven times its market capitalization of around ₹2,500 crore—were inked with major ports such as Visakhapatnam, Paradeep, Jawaharlal Nehru, Chennai, Mumbai, and Kochi to meet dredging requirements over the next two to five years.
Additionally, a ₹4,000 crore modernization initiative was unveiled for constructing 11 new dredgers and enhancing automation, technology, and workforce skills. The company stated that these developments will strengthen its ability to serve port dredging needs, upgrade its fleet, and expand market presence.
Promoters including Deendayal Port, JNPT, Paradip Port Trust, and Visakhapatnam Port Trust collectively hold a 73% stake in the firm. Shares were locked in a 20% upper circuit at ₹889.35, marking a 42% rise across the last five sessions.
