PSU Stock: Miniratna Defence Stock Spurts 25% In 2 Days, Hits New 52-Week High

Shares of Miniratna mid cap company operating under defence sector, Cochin Shipyard Ltd today hit new 52-week high and soared 17.56% on BSE. The stock gained 25% in two consecutive sessions after it announced its net profit more than doubled to Rs 98.7 crore in Q1. Cochin Shipyard shares gained 139.71% in last 1-year. Check details below:

Cochin Shipyard Q1 Result: Cochin Shipyard on Friday announced a strong 135% YoY surge in its consolidated net profit at Rs 98.65 crore as against Rs 42 crore in the corresponding quarter of last fiscal. Meanwhile, revenue from operations surged 7.9% YoY to Rs 475.9 crore for the quarter under consideration as compared to Rs 440.9 crore in the year-ago quarter. It announced its EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 78.7 crore for the quarter ended June 30, 2023. Margins for the quarter arrived at 16.5%.

Cochin Shipyard Stock Performance & Return: Current market price of Cochin Shipyard share is Rs 808.70 apiece on BSE. Its 52-week high price is Rs 822.00 apiece and 52-week low price is Rs 329.05 apiece, respectively. It has a market capitalisation of Rs 10,637.67 crore. Cochin Shipyard shares witnessed a rally of 22% in last 1-week, gained 20% in last 2-weeks, soared 46% in last 3-months, and offered shareholders return of 60% in last 6-months period. In last 2-years, Cochin Shipyard shares jumped 125% and offered 138% return in last 3-years.

Cochin Shipyard Dividend: The Board of the company on May 19, 2023 recommended a final dividend of Rs. 3.00 per share for the financial year 2022-23 subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company. The final dividend would be paid within 30 days from the date of its declaration at the AGM.

At the current share price of Rs 808.80, the PSU stock offers a dividend yield of 2.20%, according to Trendlyne.

Cochin Shipyard's Subsidiary Bagged International Order: Earlier this year on June 15, 2023, Udupi Cochin Shipyard Limited (UCSL), the wholly owned subsidiary of Cochin Shipyard Limited (CSL), the Premier Shipyard group in India, bagged international order from Wilson Shipowning AS, Norway, for Design and Construction of 6 Nos. new generation diesel electric 3800 DWT general cargo vessel. The contract was signed with an option for additional 8 vessels.

Wilson Ship management AS, a company headquartered in Bergen, Norway is the largest short sea fleet in Europe and transports about 15 million tonnes dry cargo across Europe.

About Cochin Shipyard: Cochin Shipyard was incorporated in 1972 as a Government of India company, with the first phase of facilities coming online in 1982. The company has Miniratna status. The yard has facilities to build vessels up to 1.1 million tons and repair vessels up to 1.25 million tons, the largest such facilities in India. In August 2012, the Government of India announced plans of divestment to raise capital of Rs. 15 billion (15,000 million Rupees) for further expansion through an Initial Public Offering (IPO) towards the end of the fiscal year, according to its official website.

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