PSU Defence Stock Jumps 7.65% After Declaring 2:1 Stock Split, Rs 8/Share Dividend

Mid cap PSU defence sector company Cochin Shipyard Ltd shares witnessed a rally of 7.65% after Board Of Directors approved Rs 8/share dividend and 2:1 stock split on November 7, 2023. The company also announced its financial results on November 7. Cochin Shipyard stock was priced Rs 1042 on November 7 and now the last trading price of the stock is Rs 1121.75 as on November 24, 2023.

Cochin Shipyard shares soared 11.57% since October 20, 2023 when it announced that the company would recommend bonus share and interim dividend on November 7, 2023. Cochin Shipyard share was priced Rs 1005.45 apiece on October 20, 2023. Cochin Shipyard stock offered shareholders return of 130% in last 6-months and surged 112% year-to-date. Check details below:

Cochin Shipyard Traded Ex-Dividend For Rs 8/- Per Share Dividend: According to the BSE filing of the company dated November 7, 2023, "Declared an interim dividend of Rs. 8.00 per equity share of Rs. 10 each fully paidup (80%) for the financial year 2023-24. Fixed Monday, November 20, 2023 as the Record Date for the aforesaid interim dividend."

Cochin Shipyard Approves Stock Split: As per the regulatory filing of the company dated November 7, 2023, "Approved the 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, subject to shareholders approval."

The record date for the purpose of above sub-division/ split of Equity Shares shall be decided after obtaining approval for sub-division/ split from the shareholders through postal ballot electronic voting process and will be intimated in due course.

Cochin Shipyard Stock Performance & Return Over Years: Last trading price of Cochin Shipyard share on BSE is Rs 1121.75 per share as on November 24, 2023. Its 52-week high price is Rs 1258.00 per share and 52-week low price is Rs 411.00 per share, respectively. The company has a market capitalisation of Rs 14,755.54 crore. Cochin Shipyard shares gained 32% in last 3-months, soared 74% in last 1-year, gained 212% in last 2-years, and offered return of again 212% in last 3-years. In last 5-years, Cochin Shipyard shares witnessed a rally of 197%.

Cochin Shipyard Ltd Latest Financials Results: The PSU company for the quarter ended September declared a growth of nearly 61% in its net profit to Rs 181.5 crore as compared to Rs 112.79 crore in the corresponding period of last fiscal. Its revenue from operations for the quarter under review declared at Rs 1011.71 crore, up 48% as against Rs 683.18 crore in the similar quarter of last year. The company's other income soared to Rs 87.56 crore for the quarter under review as against Rs 61.56 crore in the similar quarter of preceding year. Its EBITDA surged 41.2% to Rs 191.2 crore and margin narrowed by 80 basis points to 19% from 19.8%. Growth significantly came from the ship building and repair segment that soared by 48% from last year.

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.

Disclaimer: The stock just highlights rally in shares after dividend, stock split declared and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.