Cochin Shipyard shares to turn ex-date for stock split today

Shares of Cochin Shipyard Ltd will turn ex-date for stock split on Wednesday. The stock will be split from a face value of Rs 10 to two shares with face value of Rs 5 each. In a filing to BSE on December 14, the company said it fixed record date for the stock split as January 10, 2024. Cochin Shipyard would determine the eligibility of shareholders for sub-division or split of existing on shares today. The multibagger stock is up 129 per cent in the last six months and 175 per cent for the one-year period.

Cochin Shipyard, which had Rs 22,000 crore or shipbuilding order book as on September 30, recently said that it signed a contract with Ministry of Defence for a value of Rs 488.25 crore. The work package, Cochin Shipyard said, includes repair and maintenance of the equipment and systems onboard the naval vessel. The work on the same has already been commenced during Q2 of FY24 based on the Approval of Necessity (AoN) from MoD, and is expected to be completed by Q1 of FY25, it told stock exchanges on December 20.

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Cochin Shipyard Limited has been the premier shipyard in India for both commercial and defence ship building and repairs. The yard with its pan India presence is focusing on expanding its foot prints and developing a larger ecosystem for ship building and repairs across the nation, as per the company.

Along with it September quarter results, the company had announced stock split and interim dividend of Rs 8 per share. The stock turned ex-date for dividend on November 20.

For the September quarter, it reported a consolidated net profit of Rs 181.52 crore against Rs 112.79 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.

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