Back-to-back 52-week high: Ashish Kacholia’s multibagger rallies over 4%!

Navigating Friday’s dampen market sentiment, the shares of Knowledge Marine & Engineering Works Limited soared 4.41%. Additionally, the stock hits fresh 52-week high mark of Rs 1770 per share on BSE.

Today, Knowledge Marine & Engineering Works Ltd, operating through its subsidiary ‘Knowledge Dredging Co. W.L.L, India,’ has secured a Letter of Intent (LOI) from ‘Eastern Asphalt & Mixed Concrete Co. W.L.L for supplying dredged marine sand in Bahrain. This contract, valued at Rs 41.51 Crore, extends over 5 years and is slated to begin in the third quarter of the fiscal year 2023-2024.

This achievement marks the company’s fifth LOI secured for the supply of dredged marine sand in Bahrain. With these five contracts, the company has accumulated a total LOI value of around Rs 383 Crores for the upcoming five years. This milestone reflects the strong demand within the Bahraini economy, driven by significant growth in real estate activities and associated infrastructure development.

Commenting on the Letter of Intent, Mr Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, “We are thrilled to declare our ongoing dedication to the ‘Waste to Wealth’ revenue model, which is resulting in the creation of a robust order book of approximately Rs 383 crores for the upcoming five years. We are delighted to inform you that we have recently secured another LOI for the supply of marine sand in Bahrain. This achievement profoundly emphasizes the considerable demand for sand within the construction sector, thereby highlighting its crucial role in propelling development.”

Founded in 2015, KMEW focuses on owning, operating, and maintaining Marine Crafts and Infrastructure. It provides a range of marine solutions, such as port dredging, ship repairs, surveys, and technical support for vessel operations. It has gained prominence in small marine craft and dredging services in India, evolving from a ship-repair unit to a ship-owning entity.

Ashish Kacholia, a shark investor holds 2.78% stake in the company. Having such an influential investor reinforces investors’ confidence and faith in the company’s strengths.

In the past 2 years, the stock has seen a strong demand leading to an impressive rise of over 3726%.

Keep a close eye on this trending stock

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.