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Cochin Shipyard share zooms 11% on Rs 10,000-crore order from Indian Navy

Cochin Shipyard share touched an intraday high of Rs 393.7, rising 11.48% on BSE. The small cap stock has gained after 2 days of consecutive fall.

twitter-logoBusinessToday.In | February 23, 2021 | Updated 18:49 IST
Cochin Shipyard share zooms 11% on Rs 10,000 crore order from Indian Navy
Cochin Shipyard share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Cochin Shipyard share price rose over 11 percent intraday after the firm was declared lowest bidder by the Indian Navy for construction of six missiles. The share touched an intraday high of Rs 393.7, rising 11.48% on BSE.

The small cap stock has gained after 2 days of consecutive fall. Cochin Shipyard share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 10.22% in one year and risen 2.3% since the beginning of this year.

Later, the share ended 7.69% or Rs 27.15 higher at Rs 380.30 on BSE.

Market cap of the firm stood at Rs 5,002 crore

"We would like to inform that at the meeting held at the Ministry of Defence, New Delhi, Cochin Shipyard Limited has been declared as L1 in the tender floated by the Indian Navy for construction of six of Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore," the company said in an exchange 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," it added.

The company in a separate filing to the exchanges also informed that the Board of Directors of Cochin Shipyard Limited at their meeting held on February 12, 2021, has declared a second interim dividend of Rs 4.00 per equity share for the financial year ended March 31, 2021.

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