Cochin Shipyard shares surged 10% to hit the upper circuit of Rs 1,846.55 on the BSE, spurred by investor activity ahead of the ex-dividend date on September 23, 2024. This rush is attributed to the upcoming dividend, drawing significant trading volumes of 53.68 lakh shares worth Rs 965.23 crore across BSE and NSE.
Owned by the Government of India, Cochin Shipyard is a major entity in the shipbuilding and repair sector. The company has demonstrated capabilities in handling sophisticated repair tasks and plays a role in marine engineer training, adding to its industry prominence.
In the financial quarter Q1FY25, Cochin Shipyard reported a substantial profit increase of 76.6% year-on-year, rising to Rs 174.2 crore from Rs 98.7 crore in Q1FY24. The revenue from operations similarly saw a significant rise of 62.1% to Rs 771.5 crore.
Cochin Shipyard’s market capitalization stands at Rs 48,497.63 crore, securing its position in the BSE500 index. The shares have oscillated between Rs 2,977.10 and Rs 435.75 over the past 52 weeks, reflecting its robust market presence and investor confidence.
The upcoming ex-dividend date has fueled the share price increase as investors aim to qualify for the final dividend of Rs 2.25 per share. Cochin Shipyard has maintained a consistent dividend history, rewarding shareholders generously, including an interim dividend of Rs 3.50 earlier in February.
