Dredging Corp of India share price hit a 20% upper circuit as the company announced 22 memorandums worth Rs 17,000 crore signed during the India Maritime Week 2025 event on Monday, as per an exchange filing.
Recently, PM Modi had announced a Rs 4,000 crore investment for the modernisation of the company during the event's inauguration. The Rs 4,000 crore investment will aim for fleet modernisation as well as capacity enhancement to strengthen India's dredging infrastructure.
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The memorandums include:
Promoter ports and major ports including Visakhapatnam Port, Paradip Port, Jawaharlal Nehru Port: To cater to their dredging requirement for next two to five years.
Cochin Shipyard: For construction and repair of dredgers as part of modernisation initiatives under Atman Nirbhar Bharat.
BEML: For indigenisation spares, and construction of inland dredgers.
IHC: As part of the initiative to modernise the existing dredgers.
National Technology Centre for Ports, Waterways & Coasts, under Centre of Excellence, IIT Chennai: For conducting Bathymetry Survey of all Ports.
Shares of the company are currently stuck in the 20% upper circuit at Rs 889.35 apiece, as compared to a 0.11% advance in the NSE Nifty 50.
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