Radhakishan Damani buys nearly 7 lakh shares of this PSU, stock rises 5%

Cochin Shipyard share gained 5% in early trade today after ace investor Radhakishan Damani bought minority stake in the public sector firm through bulk deals. Share of Cochin Shipyard rose up to 4.83% to Rs 376.70 against previous close of Rs 359.05 on BSE. The stock has gained 14.08% in last 4 days.

The stock opened with a gain of 3.27% today. Cochin Shipyard share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 10% in one year and gained 6.25% since the beginning of this year. However, in a month, the share has gained 16% .

Total 0.71 lakh shares of the firm changed hands amounting to turnover of Rs 2.63 crore. Market cap of the firm rose to Rs 4,792 crore on BSE.

Damani bought half a percent equity stake in Cochin Shipyard via an open market transaction on October 22.

According to bulk deals data available on the National Stock Exchange, Damani acquired 6,94,646 equity shares in the company at Rs 349.14 per share on the NSE.

In June quarter of current fiscal, the firm reported a 65.18% fall in net profit to Rs 41.43 crore against Rs 118.97 crore profit in the corresponding quarter of previous fiscal.

Net sales fell 54.79% to  Rs 332.48 crore  against  sales of Rs 735.44 crore in June quarter of last fiscal.

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Cochin Shipyard Limited caters to clients engaged in the defence and commercial sectors. In addition to shipbuilding and ship repair, the company offers marine engineering training.

The company's docks include ship repair dock and shipbuilding dock. Ship repair dock is enables to accommodate vessels with a maximum capacity of 125,000 DWT.

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