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Cochin Shipyard attracts decent premium on debut

Capital Market 

Cochin Shipyard was trading at Rs 522 at 10:02 on BSE, a premium of 20.83% over initial public offer price of Rs 432 per share on its debut today, 11 August 2017.

Meanwhile, the S&P Sensex was down 321.51 points or 1.02% at 31,209.82.

The stock opened at Rs 435, a premium of 0.69% over issue price. The stock had a hit a high of Rs 522 and a low of Rs 435 so far. On the BSE, 15.41 lakh shares were traded on the counter so far.

The initial public offer (IPO) of Cochin Shipyard had received a stellar response from investors. It was oversubscribed 76.19 times. The IPO price band was fixed at Rs 424-432 per share.

Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.

Cochin Shipyard's net profit rose 7% to Rs 312.18 crore on 3.5% growth in net sales to Rs 2059.49 crore for the financial year ended March 2017 (FY 2017) over the financial year ended March 2016 (FY 2016).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 10:01 IST