Dredging Corporation

Dredging Corporation of India Ltd (DCIL) and BEML have entered into an agreement to manufacture dredgers and their spares in India. Dredgers are special vessels used for deepening and broadening sea coasts and river sides by removing sand. In a statement, DCIL said it has signed a memorandum of understanding (MoU) with BEML for the design, development and manufacturing of dredgers and its spare parts. The agreement was signed between DCIL MD and CEO S Divakar and BEML CMD Shantanu Roy in Bengaluru. "The organisations would recognise indigenisation as one of the strategic tools to achieve cost benefits and also complement their strengths to build a mutually beneficial strong technical base," the statement said. The collaboration will extend to the joint study of the potential for the construction of portable cutter suction dredgers for inland dredging by BEML and endeavour for cooperation through joint venture/special purpose vehicles as per the government guidelines. The producti

Dredging Corporation of India Ltd (DCI) on Tuesday posted two-fold jump in net profit at Rs 27.22 crore for the quarter ended December 31, supported by lower expenses. It had reported a net profit of Rs 13.83 crore for the October-December period of 2022-23, the company said in a BSE filing. Total income fell to Rs 266.23 crore from Rs 372.30 crore a year ago. The company trimmed its expenses to Rs 238.52 crore from Rs 358.10 crore a year ago. In a separate statement, the company said its earnings before interest, taxes, depreciation & amortization (EBIDTA) in Q3 FY24 was at Rs 69.59 crore as against Rs 59.71 crore in the same quarter last year. "The third quarter witnessed successful completion of several significant dredging projects, contributing significantly to our revenue surge. Our expertise in executing complex projects has solidified the company's position as a preferred partner for clients seeking efficient and sustainable solutions," company's Chairman Madhaiyaan ...

Dredging Corporation of India Ltd (DCI) on Friday announced returning to black as it posted a net profit of Rs 15.15 crore for the April-June quarter on account of reduced expenses. The company had reported a net loss of Rs 15.71 crore in the April-June period of 2022-23. The total income declined to Rs 205.18 crore in the first quarter from Rs 218.36 crore in the year-ago quarter, according to an exchange filing. Expenses declined to Rs 189.53 crore from Rs 233.83 crore in April-June FY23. Its earnings before interest, taxes, depreciation and amortization (EBIDTA) jumped more than two-fold to Rs 55.86 crore in the April-June quarter over Rs 25.10 crore in the same period of the last year. The company said it will continue to focus on advancing technological capabilities and expanding its project portfolio. Shares of the company were trading at Rs 380.60 apiece, up 3.90 per cent from its previous close on BSE. Based in Visakhapatnam in Andhra Pradesh, Dredging Corporation of Ind

Dredging Corporation of India Ltd (DCI) is targeting a 12 per cent growth to hit the turnover of more than Rs 1,300 crore in the ongoing financial year, MD & CEO S Divakar said. To achieve the goal, the company is looking to participate in new dredging tenders and also planning to enter new markets, Divakar told PTI. "Our turnover was at Rs 1,164 crore in FY22-23. It is the highest ever turnover since inception of the company. Going forward, we are now targeting the new milestone of over Rs 1,300 crore in the ongoing financial year," he said. When asked about the factors that would contribute to the company's growth, the CEO said the scope of dredging activity in the country is expected to grow significantly in the months to come as government's focus is on deepening and widening navigational channels of major ports, and developing the inland waterways for improving the intra & inter EXIM trade. The company is eyeing to tap the new dredging works of several ports such as Syama

Reliance Retail Ventures, a subsidiary of Reliance Industries, has bought 89 per cent stake in Purple Panda Fashions for Rs 950 crore.

The shipyard signed a building agreement with Dredging Corporation of India to build India's first 12,000 cubic meter dredger

These projects are initiatives under the PM GatiShakti to cut down logistics cost, improve supply chains and make local goods globally competitive in line with the Maritime India Vision 2030

Dredging Corporation of India on Monday reported a manifold jump in net profit to Rs 11.45 crore for the quarter ended June 30, 2020

The transaction was concluded at a premium price per share of around Rs 510, vis-a-vis today's closing price of the Company of Rs 437 per share

The government has budgeted to raise Rs 800 billion from PSU disinvestment

The government today approved the sale of its entire 73.47 per cent stake in Dredging Corporation of India Ltd (DCI), official sources said. The Cabinet has approved DCI disinvestment, official sources said after the Cabinet meeting, chaired by Prime Minister Narendra Modi. They said the Cabinet has approved the sale of government's entire 73.47 per cent stake in the company which could fetch about Rs 1,400 crore to the exchequer. The dredging company is under the administrative control of the shipping ministry. It is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction. A core group of secretaries on disinvestment, headed by the Cabinet Secretary, had already approved the sale of DCI. The government think tank Niti Aayog too had favoured disinvestment. The government currently holds 73.47 per cent stake in DCI. At the current stock market prices, sale o

The stock surged 16% to Rs 519, also its 52-week high on the BSE in early morning trade.