Cochin Shipyard shares surge 11% on order win from Indian Navy

Shares of Cochin Shipyard surged 11 per cent to Rs 393.70 on the BSE in Tuesday's intra-day trade after the company received order from the Indian Navy. The stock was trading close to its 52-week high of Rs 396, touched on January 11, 2021.

The company has been declared as L1 or lowest bidder in the tender floated by the Indian Navy for construction of 6 numbers of Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore, Cochin Shipyard said in a regulatory filing.

The final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course, the company said.

Meanwhile, the stock turned ex-date for second interim dividend of Rs 4 per equity share of Rs 10 for the financial year 2020-21. The company has fixed Wednesday, February 24, 2021 as the record date for the aforesaid interim dividend. This is in addition to the interim dividend of Rs 9 per equity share which was recommended by the board on January 04, 2021.

At 01:41 pm, the stock was trading 8 per cent higher at Rs 382 on the BSE, as compared to 0.32 per cent gain in the S&P BSE Sensex. The trading volumes on the counter jumped nearly nine-fold with a combined 21.1 million equity shares changing hands on the NSE and BSE, so far.

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