Cochin Shipyard shares surges up to 8% after splitting into two

by Psu Connect
Date: 10-01-24

The shares of PSU defence stock Cochin Shipyard have incredibly increased by three times in the last year, surging up to 8% to the highest of the day at Rs 722.90 on Wednesday.

Cochin Shipyard shares surges up to 8% after splitting into two

New Delhi: The shares of PSU defence stock Cochin Shipyard have incredibly increased by three times in the last year, surging up to 8% to the highest of the day at Rs 722.90 on Wednesday. One share of the company has been split into two where a face value of Rs 10 each is converted into 2 shares of face value of Rs 5 each. This has ultimately led to spark the share prices of the company. The stock ended 3% higher on Tuesday. As per the official reports sourced by the company, the firm's contract with the Ministry of Defence was signed on December 19, for a value of Rs 488.25 crore. The work package includes repair and maintenance of the equipment and systems onboard the naval vessel.

The company had announced a sub-division of its equity share from a face value of Rs 5 each. On December 14, 2023, in a regulatory filing, the company informed the market exchanges that January 10 had been decided as the date of record for determining the eligibility of shareholders for the sub-division/split of existing equity shares.

Cochin Shipyard Ltd, is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port city of Kochi, in the state of Kerala, India. The company had announced stock split and interim dividend of Rs8 per share. The stock turned ex-date for dividend on November 20.

For the September quarter, it reported a consolidated net profit of Rs 181.52 crore against Rs 112.79 crore in the corresponding quarter last year. Revenue from operation, on a consolidated basis, jumped to Rs 1,011.71 crore compared with Rs 683.18 crore in the same quarter last year.

The company would determine the eligibility of shareholders for sub-division or split of existing on shares today. Meanwhile, the multibagger stock is up 129 percent in the last six months and 175 percent for the one-year period.