Swan Defence Shares Hit 52-Week High After Emerging as Lowest Bidder for Tanker Project

Shares of Swan Defence and Heavy Industries climbed 4.1% on the Bombay Stock Exchange (BSE) on Monday, reaching an intraday peak of Rs 2,874.55. This figure marked a new 52-week high for the company, coinciding with the upper price band for the day. The market movement followed the announcement that the firm had emerged as the lowest bidder for a Rs 1,897 crore contract to construct four medium-range product tankers.The project, intended for a proposed joint venture led by the state-run Shipping Corporation of India (SCI), requires the construction of two firm and two optional dual-fuel-ready vessels, each with a cargo capacity of 17,000 to 18,000 tonnes. According to the bidding results, Swan Defence quoted approximately $48.9 million per vessel, successfully undercutting state-owned Cochin Shipyard Ltd by about $4 million per vessel. If finalised, this deal would represent a significant milestone, as it would mark the first locally built oil tankers in India in 25 years.The company, which maintains a technical partnership with South Korean firm Samsung Heavy Industries, has been scaling its operations since restarting in 2024 under new management led by Swan Corp. This potential tanker contract arrives alongside a broader government initiative to revitalise domestic shipbuilding, supported by a Rs 69,725 crore package approved by the Union Cabinet in September 2025.Swan Defence has already secured several major international contracts, including agreements to build four dual-fuel ammonia bulk carriers for Energy ONE Ltd and six chemical tankers for Rederiet Stenersen AS. Additionally, the firm is working on an order for four biofuel-powered tugs for the Copenhagen-based Svitzer Group. These ongoing projects, combined with the latest bidding success, are expected to strengthen the company’s order book as India seeks to expand its domestic vessel manufacturing capabilities.