Cochin Shipyard upgrade pushes stock up by 3%

Cochin Shipyard has been upgraded from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise. The company says the move will allow it ‘larger senior management bandwidth’ to effectively manage its seven units

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Cochin Shipyard Ltd gained 3 percent in the morning trade on August 1 after the state-owned shipbuilder said it has been upgraded from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise (CPSE), allowing it to effectively manage its seven units.

All CPSEs are categorised into four schedules – A, B, C and D – which has implications for their organisational structure and salary of board level incumbents among others.

In a post-market hours regulatory filing on July 31, Cochin Shipyard Ltd (CSL) said the upgrade was notified by the ministry of ports, shipping and waterways.

“This upgradation of CSL to ‘Schedule A’ recognises CSL’s strong financial performance and operational efficiency and contribution to national security,” it said.

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Cochin Shipyard is one of the leading shipbuilding and repair yards in the country. India’s first indigenous aircraft carrier INS Vikrant was constructed by CSL and was delivered in the last financial year.

“The upgradation of CSL to ‘Schedule A’ will now make CSL to operate larger senior management bandwidth required for effectively managing its seven units spread across the country,” it added.

As of June 2023, the government held 72.86 percent stake in the company.

At 10 am, the share was trading 3 percent up at Rs 689 on the BSE. The stock has gained 30 percent this year, while the 1-year return stands at 106 percent.

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