Shares of Dredging Corporation of India Ltd., the state run company, surged as much as 20% on Monday, November 3, after it signed multiple MoUs during the India Maritime Week, and also received a modernisation plan from the government.

Dredging Corporation announced in an exchange filing that it has signed 22 MoUs with 16 organisations during the India Maritime Week, which was held between October 27-31. The MoUs signed are worth ₹17,645 crore, which is nearly seven times the company's overall market capitalization of close to ₹2,500 crore.

The MoUs were signed with the Visakhapatnam Port, Paradeep Port, Jawaharlal Nehru Port, Paradip Port, and other major ports, including those in Chennai, Mumbai and Kochi, for catering to their dredging requirements for the next two to five years.

In

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