Cochin Shipyard shares climb 6% on stock split, dividend & Q2 results. Key details

Shares of Cochin Shipyard Ltd jumped 5 per cent in Tuesday's session, as the company announced a stock split and an interim declared dividend along with its September quarter results earlier today. Cochin Shipyard said its board has approved an interim dividend of Rs 8 per share of Rs 10 each fully paid-up for the financial year 2023-2024 and fixed the record date for the same as Monday, November 20. 

Cochin Shipyard said the interim dividend would be paid to the eligible shareholders on or before December 06, 2023.  Besides, Cochin Shipyard said its board has approved the sub-division or stock split of existing one share of face value of Rs
10 each fully paid up into two equity shares with face value of Rs 5 each, subject to shareholders approval.

"The record date for the purpose of above sub-division/ split of Equity Shares shall be decided after obtaining approval for sub-division/ split from the shareholders through postal ballot electronic voting process and will be intimated in due course," Cochin Shipyard said. 

Following the development, the stock rose 6.17 per cent to hit a high of Rs 1,067 on BSE.

Cochin Shipyard's consolidated net profit for the September quarter came in at Rs 181.52.50 crore compared with Rs 112.79.45 crore in the corresponding quarter last year. Revenue from operation, on a consolidated basis, jumped to Rs 1,011.71 crore compared with Rs 683.18 crore in the same quarter last year. Other income rose to Rs 87.56 crore for the quarter against Rs 61.46 crore in the same quarter last year. Finance cost for the quarter fell but depreciation cost rose on YoY basis. 

In the case of stock split, the Cochin Shipyard board has approved the alteration of Capital Clause (Clause V) of the Memorandum of Association of the company on account of above sub-division/ split of equity shares. 

"The Postal Ballot Notice along with the e-voting instructions shall be sent only through e-mail to those shareholders who hold shares as on the cut-off date Friday, November 10, 2023 and whose email address is registered with the Company’s RTA/ Depository Participants (DP). A copy of the Postal Ballot Notice along with the e-voting instructions will also be hosted on the website of the company," Cochin Shipyard said.

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