Rs 22,500 Crore Order Book & DIIs Bought 13,32,000 Shares: President of India-Backed Shipbuilding & Repair Stock Hit Upper Circuit On November 28
The stock gave multibagger returns of 180 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent.
On Thursday, shares of Cochin Shipyard Ltd hit a 5 per cent upper circuit to Rs 1,578.28 per share from its previous closing of Rs 1,503.10 per share. The stock’s 52-week high is Rs 2,977.10 per share and its 52-week low is Rs 569.15 per share. The shares of the company saw a spurt in volume by more than 2 times on BSE.
Cochin Shipyard Limited (CSL) has taken a significant step towards strengthening India's offshore drilling capabilities by signing a Memorandum of Understanding (MOU) with Seatrium Letourneau USA, Inc. (SLET). This strategic partnership aims to develop cutting-edge jack-up rig designs specifically tailored for the Indian market. By combining CSL's extensive experience in shipbuilding and engineering with SLET's renowned technical expertise and design capabilities, the collaboration seeks to capitalize on the growing demand for Mobile Offshore Drilling Units (MODUs) in India. This initiative aligns with the Government's "Make in India" initiative, promoting domestic manufacturing and technological advancement in the offshore drilling sector.
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 40,000 crore and as of June 30, 2024, 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.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
According to Quarterly Results, net sales increased by 13 per cent to Rs 1,143.20 crore, operating profit increased by 7 per cent to Rs 298.41 crore and net profit increased by 4 per cent to Rs 188.92 crore in Q2FY25 compared to Q2FY24. 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. Looking at its half-yearly results, net sales increased by 29 per cent to Rs 1,914.67 crore, operating profit increased by 26 per cent to Rs 559.77 crore and net profit increased by 30 per cent to Rs 363.16 crore in H1FY25 compared to H1FY24.
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. As of September 2024, DIIs bought 13,32,000 shares and increased their stake to 3.84 per cent compared to June 2024. The stock gave multibagger returns of 180 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent. Investors should keep an eye on this shipbuilding stock.
Disclaimer: The article is for informational purposes only and not investment advice.