Cochin Shipyard surges 15%, hits fresh 52-week high on turning ex-split

Cochin Shipyard turns ex-split: Shares of Cochin Shipyard surged as much as 15 per cent to hit fresh 52-week high of Rs 767.95 after the stock turned ex-date on Wednesday. The stock reflected the impact of the company's recent decision to sub-divide its equity shares.

Cochin Shipyard had announced a sub-division of its equity shares, transitioning from a face value of Rs 10 each to a face value of Rs 5 each. The stock split became effective on January 10, with the date of record being December 14, 2023, as per the regulatory filing. The date determined the eligibility of shareholders for the sub-division/split of existing equity shares.

Cochin Shipyard shares handsomely rewarded investors in 2023 as the stock nearly tripled. The late December boost was attributed to the company securing a contract with the Ministry of Defence on December 19, 2023, valued at Rs 488 crore. The contract involves the repair and maintenance of equipment and systems onboard a naval vessel, with completion expected by first quarter of FY25.

Cochin Shipyard posted revenue of Rs 954 crore in second quarter of current financial year which was 40 per cent higher than Rs 683 crore during the same period last financial year.

Its net profit came in at 191 crore versus Rs 120 crore in the same period last year.

As of 1:58 am, Cochin Shipyard shares traded 13.25 per cent higher at Rs 757, outperforming the Sensex which was down 0.09 per cent.