India's Cochin Shipyard hits record high on quarterly profit surge

Cochin Shipyard

27/05/2024 05:50

** Shares of Cochin Shipyard  COCH.NS  jump as much as 9.8%
to a record high of 2,100 rupees  
    ** The ship builder on Friday reported an over sixfold jump
in its March-quarter consolidated net profit to 2.59 bln rupees 
($31.2 mln)
    ** Revenue from operations rose more than twofold to 12.86
bln rupees 
    ** Co also recommended a final dividend of 2.25 rupees per
share 
    ** COCH on track for a third straight session of gains, if
current trend holds 
    ** More than 8.3 mln shares traded, 1.3x its 30-day avg
    ** Including session's gains, stock up 193% YTD, outpacing
its peers Shipping Corp Of India  SCI.NS , Garden Reach
Shipbuilders & Engineers  GRSE.NS  and Mazagon Dock Shipbuilders
 MAZG.NS , which are up between 37% and 64%


   ($1 = 83.0650 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))