Cochin Shipyard bags deal worth Rs 488 crore from Defence Ministry; stock rises 2%

The share touched a 52-week high of Rs 1,337.00 and a 52-week low of Rs 411.00 on 19 December, 2023 and 27 March, 2023, respectively.

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Cochin Shipyard share price rose 2 percent in the early trade on December 21 after the company signed a contract with the Ministry of Defence (MoD).

At 09:16 hrs the stock was quoting at Rs 1,240.75, up Rs 16.80, or 1.37 percent, on the BSE.

“Cochin Shipyard has signed a contract with MoD on December 19, 2023 for a value of Rs 488.25 crores. The work package includes repair and maintenance of the equipment and systems onboard the naval vessel,” the company said in its release.

The work on the same has already been commenced during Q2 of FY24 based on the Approval of Necessity (AoN) from MoD, and is expected to be completed by Q1 of FY25, it added.

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Earlier this month, the company announced that January 10, 2024 would be the record date for determining shareholder eligibility for the sub-division/split of existing equity shares. The current 1 equity share of face value Rs. 10 each fully paid up will be split into 2 equity shares of face value Rs. 5 each fully paid up.

In its report dated November 29, broking house Geojit has maintained an accumulate rating on the stock with a target price of Rs. 1,265. The report notes improvement in order book visibility, capacity expansion, and strong execution capabilities, which are all positive factors for the stock. Therefore, Geojit continues to maintain its positive view on the stock.

The share touched a 52-week high of Rs 1,337.00 and a 52-week low of Rs 411.00 on 19 December, 2023 and 27 March, 2023, respectively.

Currently, the stock is trading 7.2 percent below its 52-week high and 201.89 percent above its 52-week low.