A PSU company with zero-debt is set to turn ex-dividend this week, and the last date for eligibility is scheduled on Monday, September 23, 2024. Who is it? Not RITES Ltd, a Navratna PSU, who last week turned ex-date for bonus issue in the ratio of 1:1 and Rs 5 dividend per share. Instead, it is Miniratna company, Cochin Shipyard. The consensus recommendation on Cochin shares is HOLD.
Cochin Shipyard Share Price:
Ahead of the ex-dividend date, Cochin share price ended at Rs 1846.55 apiece on Friday, September 20, which was its 10% upper circuit with market cap of Rs 48,579.18 crore.
The stock's 52-week high and low is at Rs 2,977.10 apiece and Rs 2,977.10 apiece respectively. The price-to-equity ratio is at 54.92x, while return on equity is at 17.60%.
Cochin is also a 2024 multibagger with gains of whopping 170.94% on BSE from January 1 to September 20 of the current year. In a year, the stock is up by 269%.
Cochin Shipyard Dividend:
Cochin has recommended a a Final Dividend of Rs. 2.25/- (45%) per equity share of Rs. 5/- each 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.
Earlier, for FY24, the company delivered two interim dividends. The first interim dividend was of 80% worth Rs 8 per share for which Cochin shares turned ex-dividend on November 20, 2023, followed by second interim dividend of 70% valuing to Rs 3.50 per share for which ex-date was on February 12, 2024.
For FY24, Cochin is delivering dividends up to 195% worth Rs 9.75 per share.
The company does not holding a strong track record of dividend payout in FY24, Cochin has also turned ex-date for stock split ratio of 1:2 in January 2024. The face value of Rs 10 each of Cochin has been cut to Rs 5 each.
BUY/SELL Cochin Shipyard Share Price:
As per Trendlyne data, the consensus recommendation from 3 analysts for Cochin Shipyard Ltd. is HOLD.
At the latest, brokerage Anand Rathi showed optimism in Cochin Shipyard share price. The broker suggested investors to go long with Cochin shares for target price ranging from Rs 1,950-Rs 1,930 with a stop loss of Rs 1,790.
On the other hand, the latest suggestion of Cochin Shipyard by Antique Stock Broking is HOLD for a target price of Rs 1,622.
About Cochin Shipyard:
Cochin Shipyard was incorporated in the year 1972 as a fully owned Govt of India company. In the last three decades the company has emerged as a forerunner in the Indian Shipbuilding & 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. Shipyard commenced ship repair operations in the year 1982 and has undertaken repairs of all types of ships including upgradation of ships of oil exploration industry as well as periodical lay up repairs and life extension of ships of Navy, UTL, Coast Guard, Fisheries and Port Trust besides merchant ships of SCI & ONGC.
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