Cochin Shipyard Shares Sail High with 6% Surge On Rs 300 Cr Defense Project Win

12 Jun 2023 , 11:56 AM

Cochin Shipyard witnesses a nearly 6% rally in its share price during early trade on Monday. The surge follows the company’s successful bid for a contract worth Rs.300 crore from the Ministry of Defence.

Cochin Shipyard’s stock price jumps by 5.92% to reach an intraday high of Rs.572.30 on the BSE. The final contract execution will take place in due course, with an estimated duration of approximately 24 months, according to the company’s regulatory filing.

However, Cochin Shipyard reports weak earnings for the quarter ending March 2023, with an 86% year-on-year decline in consolidated net profit to Rs39.3 crore. Cochin Shipyard’s stock price has surged by over 77% in the past year.

The company’s board recommends a final dividend of Rs3 per share for the financial year 2022-23. At the time of writing, shares of Cochin Shipyard were trading 4.04% higher at Rs562.15 apiece on the BSE.

For feedback and suggestions, write to us at [e-mail]