Shares of Swan Defence and Heavy Industries rose 4.1% to Rs 2,850 on BSE on Monday after the company emerged as the lowest bidder for a Rs 1,897 crore order to build four medium-range product tankers for a proposed joint venture led by state-run Shipping Corporation of India (SCI). The potential contract would strengthen the shipbuilder's order book as India looks to revive domestic shipbuilding after a gap of 25 years in locally built oil tankers.
The stock touched an intraday high of Rs 2,874.55, which was also its 52-week high and the upper price band for the day. The company quoted around $48.9 million per vessel when price bids were opened on Friday, October 9, beating state-run Cochin Shipyard Ltd, which quoted around $4 million more per vessel.
