BAJAJ BROKING
Cochin Shipyard Ltd collaborates with Seatrium Letourneau USA to design jack-up rigs for the Indian market. Q2 profits grew by 4% to ₹189 crore, with revenue up 13% to ₹1,143.2 crore.
Cochin Shipyard Ltd (CSL) has entered into a strategic memorandum of understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET). This partnership focuses on designing and supplying critical equipment for jack-up rigs, targeting the Indian market.
This collaboration leverages CSL’s extensive expertise in shipbuilding and engineering alongside SLET’s advanced offshore drilling technology. Together, they aim to create Mobile Offshore Drilling Units (MODUs) tailored to the needs of the Indian market, aligning with the government’s 'Make in India' initiative.
Also read: RVNL Bags ₹837.67 Crore Railway Project with SCPL JV
The agreement will facilitate the development of jack-up rigs with advanced design and critical components, promoting localised production and reducing reliance on imports. By combining CSL’s robust shipbuilding capabilities with SLET’s technical expertise, the initiative aims to strengthen India's offshore infrastructure and energy sector.
The move supports India’s ambitions of expanding its offshore drilling operations and bolstering self-reliance in the energy domain. This collaboration also showcases CSL’s commitment to expanding its capabilities in innovative and high-demand projects.
Cochin Shipyard Ltd reported positive financial performance for Q2 FY24, with a year-on-year increase in both net profit and revenue:
Net profit: ₹189 crore, up 4% YoY
Revenue: ₹1,143.2 crore, a 13% growth YoY
EBITDA: ₹197.3 crore, up 3.2% YoY
EBITDA margin: Narrowed to 17.3% from 18.9% YoY
The partnership announcement comes amidst steady growth in the company’s operations, reflecting its strong market position.
Also read: RITES Secures Revised Estimates for ₹531.77 Cr Project
The Cochin Shipyard Ltd share price closed higher at ₹1,298.50 on the BSE, reflecting a marginal increase of ₹2.80 or 0.22%. The partnership with SLET is expected to drive further investor interest, boosting the long-term growth outlook for the company.
Cochin Shipyard’s collaboration with Seatrium Letourneau USA underscores its commitment to advancing offshore drilling technology in India. This strategic partnership aligns with the government’s 'Make in India' vision while positioning CSL as a key contributor to the nation's energy and infrastructure growth.
Also read: HG Infra Secures ₹1,110 Crore Battery Storage Project
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Nifty 50 Price-to-Earnings Ratio: Meaning, Working & How To Use
25 Nov, 2024 | 7 Min. read
RITES Secures Revised Estimates for ₹531.77 Cr Project
25 Nov, 2024 | 2 Min. read
HG Infra Secures ₹1,110 Crore Battery Storage Project
25 Nov, 2024 | 2 Min. read
RVNL Bags ₹837.67 Crore Railway Project with SCPL JV
25 Nov, 2024 | 2 Min. read
Cochin Shipyard Partners with SLET for Jack-Up Rigs
25 Nov, 2024 | 2 Min. read
Commodities Market Today | Gold Hits $2,700, Oil Gains Amid Global Tensions
25 Nov, 2024 | 1 Min. read
Share Market Today | Gift Nifty Indicates Gap-Up Opening For Indian Market
25 Nov, 2024 | 4 Min. read
Gold Rate Today | Gold Prices Surge Past $2,700 for Weekly Record
25 Nov, 2024 | 2 Min. read
Stock Market Index/Indices: Meaning, Types & Calculation
25 Nov, 2024 | 7 Min. read
Index: Meaning, Examples, How To Invest & How To Use
25 Nov, 2024 | 6 Min. read
Know Rajesh Power Services IPO Review, Objective & Applying Process
25 Nov, 2024 | 1 Min. read
Solar Energy Stocks: A Brief Overview
23 Nov, 2024 | 8 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading