The share price of Cochin Shipyard (CSL) surged and, in early trading on April 8, it reached its 52-week high of Rs 1,135.55. The announcement of the company’s signing of the Master Shipyard Repair Agreement (MSRA) with the US Navy coincided with this notable increase in share value.
The MSRA, a non-financial agreement, marks a significant milestone for CSL as it will facilitate the repair of US Naval vessels under the Military Sealift Command at Cochin Shipyard.
The fact that CSL is eligible to join the MSRA demonstrates its competence and skills in ship maintenance. The US Navy’s Military Sealift Command carried out a thorough review procedure and capabilities assessment before approving the request.
CSL shares continued to rise as of 11:35 am, closing at ₹1,147.80 on the National Stock Exchange (NSE), up 6.16%.