Cochin Shipyard shares in focus, Stock rises above 5%, declares interim dividend
This collaboration is in line with the government's efforts under the Make in India initiative, it added.
Cochin Shipyard shares in focus, Stock rises above 5%
Cochin Shipyard shares are in focus as it signs an MoU with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian market. The company said building on experience in ship construction and SLET's technical expertise and design capabilities, the partnership aims to capitalize on opportunities for mobile offshore drilling units designed to meet the needs of the Indian market.
This collaboration is in line with the government's efforts under the Make in India initiative, it added. The stock of Cochin Shipyard has slipped 20% in the past six months. In comparison, the benchmark S&P BSE SENSEX has gained over 6.5%, as per the BSE data.
For the quarter that ended September 30, 2024 (Q2 FY25), Cochin Shipyard reported a 4% year-on-year (YoY) increase in net profit at Rs 189 crore. In September, Cochin Shipyard launched two anti-submarine warfare shallow watercraft that were manufactured here for the Indian Navy.
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Read Also : New CVO Nilabhra Sengupta takes charge at BELThe company also declared an interim dividend of Rs 4 per equity share of Rs 5 each, fully paid up (80%), for the financial year 2024-25. It had fixed Wednesday, November 20, 2024, as the record date for the interim dividend.
The interim dividend will be paid to the eligible shareholders on or before December 06, 2024. In October, the government sold up to a 5% stake in Cochin Shipyard via offer for sale (OFS) at a floor price of Rs 1,540 per share.
In terms of financials, Cochin Shipyard posted a net profit of Rs 182 crore, the company said in a regulatory filing. The company's revenue from operations increased 13% to Rs 1,143.2 crore as against Rs 1,011.7 crore in the corresponding period of the preceding fiscal.
EBITDA was up 3.2% to Rs 197.3 crore in the quarter under review against Rs 191.2 crore logged in the corresponding period in the previous fiscal.
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