Cochin Shipyard Limited (CSL), a government-owned enterprise, recently entered into a significant agreement with the United States Navy by signing the Master Shipyard Repair Agreement (MSRA).

The company disclosed this information to stock exchanges on Saturday, stating that the non-financial agreement came into effect on April 5, 2024.

This agreement paves the way for CSL to undertake repair works of US Naval vessels under the Military Sealift Command at Cochin Shipyard.

CSL emphasized that it underwent a rigorous evaluation process and capability assessment by the US Navy - Military Sealift Command to qualify for the Master Shipyard Repair Agreement (MSRA).

In 2024, the shares of Cochin Shipyard experienced a remarkable surge of approximately 60 per cent to reach Rs 1,079. Data analysis further reveals that over the past year, the shares have witnessed a substantial increase, rising by as much as 343 per cent.