BackMultibagger SME stock rallies to hit record high on order win, up over 310% in 6 months
Knowledge Marine & Engineering Works shares surged up to 11% to hit a record high of ₹1,129 apiece
PremiumShares of Knowledge Marine & Engineering Works (KMEW) surged up to 11% to hit a record high of ₹1,129 apiece on the BSE in Monday's early deals after the company informed that it has received an additional work order from Dredging Corporation of India.
“We are pleased to announce that KMEW has received an additional work order of ₹16.5 crore from Dredging Corporation of India (DCI) for the work of “Capital Dredging at Mangrol Fishing Harbour – Phase III Part -B," it announced in an exchange filing today.
Knowledge Marine & Engineering Works Ltd had received one-year dredging contract worth ₹67.85 crore from Dredging Corporation of India (DCI) for its Mangrol Fishing Harbour facility in May, 2022 for capital dredging in hard rock.
The company said that the ongoing work is 50% complete and on 30th December, 2022, KMEW has received an additional work order of ₹16.50 crore from DCI under the original contract.
“The additional work order increases the target estimated dredging quantity from 110,150 Cubic Meters to 136,937 Cubic Meters which is an increase of 24% in the original work order. The additional dredging work will be carried out at the same rates, terms and conditions of the original contract. KMEW is fully equipped to execute the additional work with the equipment present at Mangrol Site," it added.
Knowledge Marine & Engineering Works IPO was an SME IPO of 2,736,000 equity shares, which was opened from March 9, 2021 till March 12, 2021. The issue was priced at ₹37 per share. The stock has given multibagger return of more than 2880 since its listing in March 2021, whereas it has rallied over 310% in the last six months.
The company, which started its business in the year 2015, is primarily engaged in Marine Crafts and Marine Infrastructure Engineering and construction work.
It is as an established player in the dredging and small-craft business segment in India. In the last 5 years, the company has evolved from a small ship-repair unit to a dredging and ship-owning company. KMEW had announced a preferential issue in November 2022 at an issue price of ₹700 per equity share.
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