Cochin Shipyard soars 7% to fresh record high on robust Q3 numbers
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Cochin Shipyard declared a 2nd interim dividend of Rs 3.50 per equity share of Rs 5 each fully paid-up (70%) for FY24. It has fixed February 12, 2024 as the record date for the dividend.
Shares of Cochin Shipyard jumped over 7 percent to hit a fresh record high of Rs 945 on January 31, a day after the company reported robust earnings for the quarter ended December 2023. Its net profit zoomed 121 percent on-year to Rs 244.4 crore, and revenue from operations jumped 64 percent YoY to Rs 1,056.4 crore during the quarter.
The Board of Directors of Cochin Shipyard on January 30 also recommended its second interim dividend of Rs 3.50 per share of Rs 5 each fully paid (70 percent) for the FY24. The board has fixed February 12, as the record date for the interim dividend.
At 9:54am, Cochin Shipyard shares were trading 3 percent higher at Rs 906.85 on the National Stock Exchange (NSE). The stock has zoomed 170 percent in the last six months, more than doubling investor’s wealth.
In the last one year, the PSU stock has surged over 250 percent, outperforming benchmark Nifty 50, which has risen 22 percent during this period.
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ICICI Direct has assigned a ‘buy’ call to the defence stock with a target price of Rs 1,340 per share. According to the brokerage firm, the order pipeline remains strong in defence and commercial ship-building and ship-repair segments, including exports.
“About Rs 13,000 crore worth of shipbuilding contracts are in the pipeline; tenders expected to be floated in the medium term. Apart from these, Rs 84,000 crore of orders are in RFP stage as per the management,” it said.
Incorporated in 1972 as a fully owned government company, Cochin Shipyard is the largest public sector shipyard in India and derives major revenue from the navy. Its core capabilities include naval vessel construction, coast guard projects, commercial shipbuilding, and vessel repair services.
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