 "Cochin Shipyard hits record high, up 37% in three days post strong Q1 show")
Shares of Cochin Shipyard hit a fresh all-time high at Rs 888 in Thursday's intra-day trades on the BSE as the stock extended its three-day rally after reporting solid Q1 earnings. In the process, the stock has zoomed over 37 per cent in past three trading sessions.
At 09:40 AM, the stock was up 7.5 per cent at Rs 867 on trades of around 1.90 lakh shares on the BSE as against the two-week daily average volume of around 1.68 lakh shares. Meanwhile, the S&P BSE Sensex was down 0.3 per cent at 65,365.
So far this calendar year, the stock has outperformed the market by rallying 66.3 per cent while the benchmark index has gained 7.2 per cent.
On August 11, Friday, the company reported a solid 123.7 per cent surge in Q1 net profit at Rs 109.41 crore for the quarter ended June 2023 as against Rs 48.91 crore in the corresponding quarter a year ago. Total income was up 6.3 per cent at Rs 528.34 crore from Rs 497.21 crore.
On July 31 the company in a filing to the exchanges said that it was upgraded from 'Schedule B' to 'Schedule A' CPSE by the Government of India.
"The upgradation to 'Schedule A' recognizes the company's strong financial performance and operational efficiency and contribution to national security. India's first ever Indigenous Aircraft Carrier 'INS Vikrant' was constructed by Cochin Shipyard and delivered in the last financial year portraying its capability to build complex defence vessels", the release stated.
The upgradation of Cochin Shipyard to 'Schedule A' will now help the company operate larger senior management bandwidth required for effectively managing its seven units spread across the country, the release added.