Cochin Shipyard share rises almost 9% after bagging order worth Rs. 10,000 crores:
Cochin Shipyard: It is one of the largest shipbuilding and maintenance companies in India located in Kochi, Kerala. While the company provides services in Ship design, Shipbuilding, and Ship repair. It also manufactures platform supply vessels, aircraft carriers, diving support vessels, and double-hulled oil tankers. Currently, the company manufacturing its first aircraft carriers for the Indian Navy. It has “Miniratna status” that works under the Government of India. The present Chairman and Managing Director (MD) of the company are Madhu S. Nair.
Meanwhile, on Tuesday, February 23rd, the shares of the company raised almost 9% in the stock market. The main reason for this is the company was declared as the lowest bidder for the construction of six missiles worth Rs. 10,000 crores from the Indian Navy.
The Ministry of Defence conducted a meeting in New Delhi on Tuesday, announced Cochin Shipyard declared as the lowest bidder for the construction of six Next Generation Missile Vessels (NGMV). Whereas the initial estimated cost for the construction of missiles at Rs. 10,000 crores, said the company in filing.
Moreover, “the final announcement of the deal will subject to the completion of necessary formalities. However, we will update in due course,” it added.
On the other side, the companies board of meeting held on February 12th declared a second interim dividend of Rs. 4.00 per equity share for the financial year ended on March 31st, 2021.
Besides, the state-owned reported its Q3 results for the financial year 2021-22. The company reported a 32% increase in net profit to Rs. 223.73 crores in the quarter ended in December 2020. While the company also posted its net profit of Rs. 169.81 crores in the same quarter last fiscal year.
Whereas the companies total revenue from operations during the quarter declined to Rs. 763.43 crores as against Rs. 950.34 crores in the same quarter last year. The company reduced its total expenses during the quarter to Rs. 461.45 crores compared to Rs. 722.12 crores in the same quarter last year.
However, the shares of Cochin Shipyard Limited reported a bullish trend in the stock market on Tuesday. It gained 29.50 points with an 8.36% increase and reached 382.50 INR. While in BSE, the company gained 27.15 points with a 7.69% increase and reached 380.30 INR.
Stock Market on February 23rd:
On Tuesday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last five sessions of the market. The Sensex is trading above 49,700 levels and nifty trading above 14,700 levels in the stock market. The Sensex gained 7.09 points with a 0.01% increase and reached 49,751.41 levels. While the nifty gained 32.10 points with a 0.22% increase and reached 14,707.80 levels.
On the other side, the number of coronavirus cases in India on Tuesday, February 23rd reached 1,10,16,434 with almost 1,56,463 deaths.
In the border markets, the S&P BSE SmallCap index reported a bullish trend in the stock market on Tuesday. It gained 144.56 points with a 0.74% increase and reached 19,806.45 levels. But, the S&P BSE MidCap gained 194.35 points with a 0.98% increase and reached a 19,960.58 level. While the Nifty Bank lost 140.25 points with a 0.40% decrease and reached 35,116.95 level.
Top Gainers on February 23rd: Tata Steel, Tata Motors, ONGC, Hindalco Industries, and UPL are the top gainers in today’s stock market.
Top Losers on February 23rd: Kotak Mahindra Bank, Adani Ports, Maruti Suzuki, Bajaj Auto, and Divi’s Labs are the top losers in today’s stock market.