Dividend, Fundraise, Results On Nov 7: Defence PSU Gains 10.31% In 7-Days; Buy Or Avoid?

Defence public sector undertaking (PSU) Cochin Shipyard shares today on Bombay Stock Exchange closed at Rs 1502.40 with the decline of 1.43%. Cochin Shipyard Ltd shares recorded over 120% so far in 2024 and declined more than 40% in 3-months period. Board of Directors of the PSU will hold meeting on November 7, 2024 to consider financial results, fund raising and interim dividend. Its market capitalisation stood at Rs 39,525.26 crore. Check details given below:

Cochin Shipyard To Consider Fundraise, Results, and Interim Dividend

According to the BSE filing dated November 4, 2024, "pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, November 07, 2024 to, inter alia:

(a) consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and half year ended September 30, 2024;

(b) consider the declaration of interim dividend to the equity shareholders of the Company for the financial year 2024-25; and

(c) consider raising of funds by way of issuance of US$ denominated non-convertible senior unsecured fixed rate notes ("Notes"), which may be issued in one or more tranches to eligible investors permitted to invest in the Notes under applicable laws, primarily to finance Company's eligible sustainable projects or other permissible end uses in accordance with applicable law."

Cochin Shipyard Shares Performance

The 52-week high price of Cochin Shipyard Ltd shares on BSE is Rs 2977.10 per share and 52-week low price is Rs 470.00 per share, respectively. Cochin Shipyard shares declined 8% in last 1-month, surged 218% in last 1-year, and offered return of 397% in last 2-years. In last 3-years, Cochin Shipyard stock soared 724%.

Should You Buy Cochin Shipyard Shares?

InCred Equities suggested investors to initiate buy near Rs 1300 level. The stock has been trading in a downtrend with regular formations of lower high and lower lows on daily charts. The PSU is also witnessing a positive divergence in RSI on the daily charts which may offer a respite to the prices.

Cochin Shipyard Stock Split History

Cochin Shipyard shares traded ex-split in the proportion of 2:1 on January 10, 2024. It was the maiden stock split that the PSU declared to make shares affordable.
About: 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, according to its official website.

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