Indian shipbuilders jump on reports of govt investment in sector

Cochin Shipyard

03/01/2023 08:20

** Shares of Indian shipbuilding companies surge between ~3%
and ~5% after reports that the Indian government plans to invest
heavily on port infrastructure in the next two years
    ** " The govt has a pipeline of 44 projects for total
investment of 229 bln rupees ($2.77 billion) till 2024-25" -
Sarbananda Sonowal, the Union Minister for Ports, Shipping and
Waterways, as per a PTI report
    ** "Govt is working on the guidelines for dealing with
stressed public-private partnership (PPP) projects at major
ports and has come up with policies to support the shipbuilding
industry in India" 
    ** Shares of Mazagon Dock Shipbuilders Ltd  MAZG.NS  jump as
much as 5.3% to 830 rupees, their highest in a week
    ** Garden Reach Shipbuilders and Engineers Ltd  GRSE.NS 
adds as much as 4.7% to 502.9 rupees, while Cochin Shipyard Ltd
 COCH.NS  climbs up to 3.2% at 546.95 rupees 
    ** Both MAZG and GRSE more than doubled last year, while
COCH  was up ~50% 
($1 = 82.7750 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))