52-week high alert: Shares of this shipyard company outperform the market on strong Q1 earnings
The stock has already increased 40 per cent in three days.
On Thursday, Cochin Shipyard's stock price soared 11.97 per cent, extending its winning streak to three sessions. The shipping company reported strong earnings for the June quarter, and the stock has already increased 40 per cent in three days. The share saw a spurt in Volume by more than 3.69 times on Bse.
The company's net profit more than doubled to Rs 98.65 crore in the first quarter of the current financial year (Q1 FY24), from Rs 42.18 crore in the same quarter last year. Revenue for the quarter also increased to Rs 475.86 crore from Rs 440.85 crore.
The company's performance was driven by higher other income and lower costs. Other income increased to Rs 38.34 crore in Q1 FY24 from Rs 11.82 crore in Q1 FY23. Costs decreased to Rs 377.21 crore in Q1 FY24 from Rs 382 crore in Q1 FY23.
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Cochin Shipyard boasts India's largest shipbuilding and maintenance facility. Its capacity to manufacture complicated defence vessels was demonstrated by the delivery of INS Vikrant, India's first indigenous aircraft carrier. Cochin Shipyard's work on building India's first hydrogen fuel cell vessel and said the firm is anticipated to have a solid fiscal year thanks to its robust Rs 21,000 crore order book.
The strong performance of Cochin Shipyard has been welcomed by investors, and the stock price has been rising in recent days. The company is expected to continue to perform well in the coming quarters, as the shipping industry is expected to recover from the pandemic.
At present, the stock is trading at Rs 869.60 up by 61.95 points or 7.67 per cent from its previous day’s closing of Rs 807.65. The scrip opened at Rs 811.05 and has touched a high and low of Rs 904.40 and Rs 811.05 respectively. The stock made a 52-week high of Rs 904.40 and a 52-week low of Rs 329.05. So far 6,10,099 shares were traded on the counter.
Disclaimer: The article is for informational purposes only and not investment advice.