Dredging Corp. of India to invest 9 bn in next three years
Dredging Corp. of India to invest 9 bn in next three years Visakhapatnam-based Dredging Corporation (Q, N,C,F)* of India (DCI) will invest around Rs 9 billion over the next three years to acquire three cutter suction dredgers, reports Business Standard. DCI has been chartering dredgers from the international market through Transchart to meet the immediate demand. It has already chartered two vessels of varying capacities to take up the Sethusamudram ship channel project work and two more will be included within a couple of months. The dredging capacity currently available with DCI is 79.8 million lakh cubic metre. During 2006-07, the quantity dredged under various contracts was 76.3 million cubic metre. The company earned a net profit of Rs 1.88 billion on Rs 6.22 billion turnover during the year 2006-07. Its earnings per share for 2006-07 stood at Rs 67.40 compared with Rs 63.02 for the previous year. It has declared a dividend of 150% for the second time, on a paid-up share capital of Rs 486.4 million.
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>DCI currently has 10 cutter and two trailer suction dredgers. Two years ago, it had placed an order on Mumbai-based Mazagaon Dock for a cutter suction dredger worth Rs 2.75 billion, which will be introduced by December 2007 in the DCI fleet.
Shares of the company closed up Rs 26.7, or 4.11%, at Rs 677.00. The total volume of shares traded at the BSE was 11,776.( Monday ).
