ABG Shipyard wins orders worth Rs 485 cr from Indian Navy

Mumbai: Private sector ship-builder ABG Shipyard today said it has bagged a Rs 485 crore order to build a cadet training vessel for the Navy.

The order from the Defence Ministry to build the 110-meter vessel capable of carrying a light helicopter and achieving a top speed of 20 knots, is a repeat one, the company said in a statement issued here.

The market lapped up the development and the ABG stocks jumped nearly 5 percent . Reuters

"The vessel will be used to provide basic training to the Naval cadets and trainees in activities such as disaster relief, search and rescue operations, the company said in a statement.

Ship-builders are shifting focus for catering to the requirement of the Navy, as the demand for commercial liners is dipping due to a supply glut.

The market lapped up the development and the ABG stocks jumped nearly 5 percent to Rs 386 on the BSE, whose Sensex was trading up 70 points at 1100 hrs. The company has a market capitalisation of Rs 1,964.74 crore as of today.

PTI


Updated Date: Dec 20, 2014 14:52 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See