scorecardresearchDredging Corporation Of India shares gain over 4% on order win

Dredging Corporation Of India shares gain over 4% on order win

Updated: 10 Mar 2023, 11:05 AM IST
TL;DR.

  • On the technical front, the stock has gained 41.43% from 52-week low of 248. According to analyst, the stock is showing performance despite weakness in broader markets.

Dredging Corporation in green zone post order win

Dredging Corporation in green zone post order win

Shares of Dredging Corporation Of India Ltd gained over 4% in Friday's trade after the company bagged an order worth 64 crore from Southern Naval Command, Kochi, for FY23.

The company in its exchange filing said that the Southern Naval Command has awarded the company the prestigious annual maintenance dredging of naval channel at Ernakulam contract. The order includes annual dredging of around 1.5 million cubic metre at naval channel in Ernakulam, Kochi.

Additionally, this order win is a feather in the company's cap as it strives to achieve its highest-ever revenue of 1,000 crore for FY23.

On the technical front, the stock has gained 41.43% from its 52-week low of 248. 

According to an analyst, the stock is showing performance despite weakness in broader markets. "We are witnessing strong volumes as well. The stock is, however, trading at resistance at 355. If closes above it, then we can expect uptrend towards 370 in the near term, 340 is immediate support," said Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One.

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Dredging Corporation Of India in today's trade

The stock is trading at a high day volume of 164.0k. The weekly average delivery volume is 45.74%.

However, the stock price rose 8.1% and underperformed its sector by 9.5% in the past year.

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First Published: 10 Mar 2023, 11:05 AM IST