Cochin Shipyard leaps 5% after Radhakishan Damani picks up 0.5% stake

On October 22, 2020, Damani acquired 694,646 equity shares, representing 0.53 per cent stake, in Cochin Shipyard at Rs 349.14 per share on the NSE

Shares of Cochin Shipyard (CSL) leaped 5 per cent to Rs 378 on the National Stock Exchange (NSE) on Friday after investor Radhakishan Damani acquired 0.53 per cent stake in the shipping company through open market. The stock has now surged 16 per cent in two trading days.

On October 22, 2020, Radhakishan Damani acquired 694,646 equity shares, representing 0.53 per cent stake, in Cochin Shipyard at Rs 349.14 per share on the NSE, the bulk deal data shows. The name of seller was not ascertained immediately.

In the past three trading days, the stock has rallied 18 per cent, as compared to 0.5 per cent rise in the Nifty50 index.

CSL is mainly engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ships periodical lay-up repairs and life extension of ships. The company has built and repaired some of the largest ships in India. CSL's key shipbuilding clients on the domestic front include the Indian Navy the Indian Coast Guard and the Shipping Corporation of India Limited. CSL has also undertaken repairs of various types of vessels including upgradation of ships of the oil exploration industry as well as periodical maintenance repairs and life extension of ships.

At 09:23 am, the stock was trading 3 per cent higher at Rs 371 on the NSE, against 0.48 per cent rise in the Nifty50 index. A combined around 540,000 equity shares have changed hands on the counter on the NSE and BSE, so far.