President of India Sold 1,30,15,689 Shares & Rs 22,500 Crore Order Book: Shipbuilding & Repair Company Likely to Raise Funds & Announce Interim Dividend
The stock gave multibagger returns of 220 per cent in just 1 year whereas BSE Sensex Index is up by 23.5 per cent.
Cochin Shipyard Limited announces that its Board of Directors will convene on Thursday, November 7, 2024. The agenda includes reviewing and approving the company's standalone and consolidated unaudited financial results for the quarter and half-year ending September 30, 2024. Additionally, the board will deliberate on the declaration of an interim dividend for the fiscal year 2024-25. Furthermore, the meeting will address the potential issuance of US dollar-denominated non-convertible senior unsecured fixed-rate notes, earmarked primarily for financing eligible sustainable projects or other permissible end-uses, subject to applicable laws and regulations.
Cochin Shipyard Ltd (CSL) is a leading player in the construction of all kinds of vessels, repairs and refits of all types of vessels including periodic upgradation and life extension of ships. The company has a market cap of over Rs 43,900 crore and as of March 31, 2023, the company’s order book stands at approx. Rs 22,500 crore. Furthermore, the shares of CLS underwent a stock split of equity shares from a face value of Rs 10 to a face value of Rs 5 on January 10, 2024.
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According to Quarterly Results, net sales increased by 62.1 per cent to Rs 771.5 crore, operating profit increased by 61 per cent to Rs 261.4 crore and net profit increased by 77 per cent to Rs 174.2 crore in Q1FY25 compared to Q1FY24. In its annual results, net sales increased by 62 per cent to Rs 3,830.45 crore and net profit increased by 157 per cent to Rs 783.28 crore in FY24 compared to FY23.
In October 2024, The President of India acting through the Ministry of Ports Shipping and Waterways Government of India sold 1,30,15,689 shares or 4.95 per cent stake in the company. The stock gave multibagger returns of 220 per cent in just 1 year whereas BSE Sensex Index is up by 23.5 per cent. Investors should keep an eye on this shipbuilding stock.
Disclaimer: The article is for informational purposes only and not investment advice.