Cochin Shipyard shares hits 10% upper circuit ahead of ex-dividend date
Source: Business Standard
Cochin Shipyard shares zoom: Shares of state-owned defence company, Cochin Shipyard, rallied as much as 10 per cent to get locked in the upper circuit of Rs 1846.55 on the BSE during the intra-day deals on Friday. Nearly 53.68 lakh shares of Cochin Shipyard, worth around Rs 965.23 crore, combined BSE and NSE, exchanged hands on Friday.
The uptick in the stock price is attributed to investors rushing to counter as the company’s shares will trade ex-dividend date on Monday, September 23, 2024, for the company’s announcement of a final dividend of Rs 2.25 or 45 per cent per equity share of Rs 5 apiece for the financial year 2023-24.
“The said dividend, if approved at the 52nd AGM, shall be disbursed (subject to TDS) by October 29, 2024, i.e., within 30 days from the date of approval, to those members whose names appear in the Register of Members/Depositories’ records, as the case may be, at the close of business hours on September 23, 2024,” Cochin Shipyard said in a regulatory filing.
BSE data reflects that the company has a rich history of awarding its shareholders with dividends. It paid an interim dividend of Rs 3.50 earlier this year in February. In 2023, Cochin Shipyard paid an interim dividend and a final dividend of Rs 3 to its shareholders.
Owned by the Government of India, Cochin Shipyard is one of the leading players in the Indian shipbuilding and ship repair industry. As per the information available on the company’s website, the yard has, over the years, developed adequate capabilities to handle complex and sophisticated repair jobs. The shipyard also trains graduate engineers to marine engineers who later join ships, both Indian and foreign, as 5th Engineers.
In Q1FY25, the company reported a surge of 76.6 per cent year-on-year (Y-o-Y) in its profit to Rs 174.2 crore from Rs 98.7 crore in the June quarter of FY24. The revenue from operations jumped 62.1 per cent Y-o-Y to Rs 771.5 crore in Q1FY25, from Rs 475.9 crore in Q1FY24.
The market capitalisation of Cochin Shipyard is Rs 48,497.63 crore, according to BSE. The company is a constituent of the BSE500 index. Cochin Shipyard shares have a 52-week range of Rs 2,977.10 – Rs 435.75 on the BSE.
Cochin Shipyard shares offered a multibagger return to its investors year-to-date with a whopping 170.85 per cent rally in 2024.
First Published: Sep 20 2024 | 1:26 PM IST
