2:1 Stock Split: PSU Defence Stock To Trade Ex-Split On Jan 10; Soars 142% In 6 Months

The share price of mid-cap stock Cochin Shipyard Ltd operating in the defence sector will trade ex-split soon. On January 10, the Stock of Cochin Shipyard Ltd will split from a face value of 10.0 to Face value of 5.0. In an exchange filing on December 14, the shipbuilding and allied services company informed that January 10, 2024 has been fixed as the Record Date for the purpose of determining the eligibility of shareholders for sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 2 (Two) Equity Shares of face value of Rs. 5/- (Rupees Five Only) each fully paid up.

Cochin Shipyard shares closed 0.04% lower at Rs 1362.20 per share on Friday. At this price, the company has a market cap of Rs 17,918.43 crore. The stock has a 52 Wk High and 52 Wk Low of 1,409.00 and 411.00 respectively. Cochin Shipyard Ltd is a multi-bagger stock as it has gained 142.43% in just 6 months. The company declared a dividend of Rs 8 per share for FY 2023-24.

The company had fixed November 20, 2023 as the Record Date for the aforesaid interim dividend. Cochin Shipyard Limited has been the premier shipyard in India for both commercial and defence shipbuilding and repairs. The yard with its pan-India presence is focusing on expanding its footprints and developing a larger ecosystem for shipbuilding and repairs across the nation.

Cochin Shipyard Stock Split Record Date: In an exchange filing on Dec 14, the company said, "Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that, the Company has fixed Wednesday, January 10, 2024 as the Record Date for the purpose of determining the eligibility of shareholders for sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 2 (Two) Equity Shares of the face value of Rs. 5/- (Rupees Five Only) each fully paid up."

Cochin Shipyard dividend

The company's latest dividend translates into an 80% payout given the face value of Rs 10 per share. This was an interim dividend for the financial year 2023-24.

Cochin Shipyard Q2 Results:

For the quarter ending September 30, 2023, the company reported a net profit growth of 61% at Rs 181.5 crore.
During this period, the company's revenue rose 48% year-on-year (YoY) to Rs 1,011.7 crore compared to Rs 683.2 crore from the same period last year.

The firm's EBITDA jumped 41.2% from last year to Rs 191.2 crore, while the margin narrowed by 80bps to 19% from 19.8%.

Cochin Shipyard Stock Price Performance:

The share price of Cochin Shipyard Ltd has gained 163.15% in the last one year. In the last 2 years and last three years, returns from Cochin Shipyard shares have increased 291.38% and 252.35%. In the last three months, the stock has gained 27.20%.

About Cochin Shipyard:

Cochin Shipyard Ltd (CSL) is a government-owned shipbuilding company incorporated in the year 1972. In the last three decades, the company has emerged as a forerunner in the Indian Shipbuilding and ship repair industry. This yard can build and repair the largest vessels in India. It can build ships up to 1,10,000 DWT and repair ships up to 1,25,000 DWT.

The yard has delivered two of India's largest double-hull Aframax tankers each of 95,000 DWT.CSL has secured shipbuilding orders from internationally renowned companies from Europe & Middle East and is nominated to build the country's first indigenous Air Defence Ship.

The shipyard commenced ship repair operations in the year 1982 and has undertaken repairs of all types of ships including the upgradation of ships of oil exploration industry as well as periodical layup repairs and life extension of ships of Navy, UTL, Coast Guard, Fisheries, and Port Trust besides merchant ships of SCI & ONGC.