Shares of Cochin Shipyard Ltd hit their record high today post announcement of Q3 earnings. Cochin Shipyard shares hit a fresh high of Rs 944.65 , rising 7.62% against the previous close of Rs 877.70 on BSE. Market cap of the defence stock climbed to Rs 23,845 crore.
The shipbuilding company reported a 121.4% rise in consolidated net profit at Rs 244.4 crore for the third quarter of FY24. Revenue from operations climbed 64.6 percent year-on-year to Rs 1,056.4 crore during the quarter.
The firm also declared 2nd interim dividend of Rs 3.50 per equity share of Rs. 5/- each fully paid-up (70%) for the financial year 2023-24. It has fixed Monday, February 12, 2024 as the record date for the interim dividend.
Meanwhile, Cochin Shipyard stock opened higher at Rs 939.95 on BSE. Total 1.32 lakh shares of the firm changed hands amounting to a turnover of Rs 12.19 crore on BSE. Cochin Shipyard has a one-year beta of 0.3, indicating very low volatility during the period.
The stock has delivered multibagger returns of 172% in the last six months and risen 255% in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 71.2, signaling the stock overbought on technical charts. Cochin Shipyard shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
Cochin Shipyard has a one-year beta of 0.3, indicating very low volatility during the period.
Brokerage firm ICICI Direct has assigned a buy call to the defence stock with a target price of Rs 1340 per share. According to the brokerage firm, "order pipeline remains strong in defence and commercial ship-building and ship-repair segments including exports. About Rs 13000 crore worth of ship-building contracts are in pipeline; tenders expected to be floated in medium term. Apart from these, Rs 84,000 crore worth of orders are in RFP stage as per the management."
Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.