Knowledge Marine wins Rs 41.51-crore contract, shares up

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Knowledge Marine & Engineering Works Ltd.’s shares were up by 0.86 per cent after the company said its subsidiary ‘Knowledge Dredging Co. W.L.L., India,’ based in Bahrain, has received a Letter of Intent (LOI) from ‘Eastern Asphalt & Mixed Concrete Co. W.L.L. for the supply of dredged marine sand in Bahrain.

This is the fifth LOI for the supply of dredged marine sand in Bahrain, which account for a cumulative LOI value of approximately Rs 383 crore for the next five years. 

Sujay Kewalramani, CEO, said, “This achievement emphasises the considerable demand for sand within the construction sector, thereby, highlighting its crucial role in propelling development.”

The shares of the company were up 0.86 per cent at Rs 1,705 at 11.27 am on the BSE.