Saturday, March 2, 2024
Google search engine
HomeBusinessCochin Shipyard hits new high after a 5-year gap; zooms 96% in...

Cochin Shipyard hits new high after a 5-year gap; zooms 96% in 4 months


Shares of Cochin Shipyard (CSL) hit an all-time high of Rs 610.75 after it rallied 5 per cent on the BSE in Thursday’s intra-day trade in an otherwise subdued market on the back of heavy volume. In the past two trading sessions, the stock of the shipbuilding company has surged 12 per cent. In comparison, the S&P BSE Sensex was down 0.26 per cent at 60,745 at 12:27 PM.

The stock price of CSL hit a new peak after a gap of five years. It surpassed its previous high of Rs 598.90, touched on November 24, 2017. In the past four months, the stock has appreciated by 96 per cent on expectation of strong business outlook.

CSL made its stock market debut on August 11, 2017. The company issued shares at price of Rs 432 per share. The retail individual investors and the employees of CSL were given a discount of 5 per cent (approx.) and the shares were offered to them at Rs 411 per share.

CSL is mainly engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ship. As at September 30, 2022, the Government of India holds 72.86 per cent of the company’s equity share capital.

The Government of India has rolled out various initiatives to unlock the true potential of India’s maritime capabilities, and accelerate the growth of our ports and shipping sectors. CSL has delivered two Autonomous Electric Vessels for ASKO Maritime AS, Norway and has also bagged order for 8 nos. of Eco Freighter Vessels from HS Service GMBH & Co. KG, Germany.

CSL in its FY22 annual report said that the company foresees more orders from the European clients which would be a pathbreaker for the company. The Indian Navy’s order for Next Generation Missile Vessels is in its final stages which is expected to be placed anytime soon.

CSL has also signed contract for building India’s largest dredger, which will open up a new business vertical and CSL is confident of getting further similar orders. CSL is also optimistic in garnering ship repair orders at its main facility at Kochi and its ship repair units at Mumbai, Kolkata and Port Blair.

The overall outlook in the Ship repair segment looks steady. “With large order book worth Rs 20,000 crore, encouraging business opportunities in Europe and improving business from ship repair will enable us to grow consistently in the coming years. We also expect two of our subsidiaries to contribute effectively from Udupi and Kolkata,” the company said in its annual report.


Source link

- Advertisment -
Google search engine

Most Popular

Recent Comments