Cochin Shipyard gains after signing KMRL contract

Cochin Shipyard advanced 1.61% to Rs 398.45 after the company said it signed a Rs 175.70 crore contract for designing and constructing 23 hybrid-electric passenger ferries for Kochi Water Metro Project.

In September 2019, Cochin Shipyard announced receiving Letter of Acceptance (LoA) from Kochi Metro Rail (KMRL) for building 23 boats for the Kochi Water Metro Project. The company signed the contract on 29 October 2019. The value of the contract is Rs 175.70 crore. The announcement was made during trading hours today, 30 October 2019.

Meanwhile, the S&P BSE Sensex was up 206 points or 0.52% to 40,038.30.

Shares of Cochin Shipyard jumped 21.01% in seven trading sessions to its current market price of Rs 398.45, from a recent closing low of Rs 329.25 on 18 October 2019.

On the BSE, 15,347 shares were traded in the counter so far compared with average daily volumes of 97,191 shares in the past two weeks. The stock hit an intraday high of Rs 402.80 and an intraday low of Rs 386.50 so far during the day.

The stock hit a 52-week high of Rs 408.15 on 9 April 2019. The stock hit a 52-week low of Rs 320.15 on 15 October 2019.

Cochin Shipyard's consolidated net profit soared 12.1% to Rs 118.97 crore on 11.6% rise in net sales to Rs 735.44 crore in Q1 June 2019 over Q1 June 2018.

Cochin Shipyard is focused on providing cater to clients engaged in the defence sector in India and clients engaged in the commercial sector.

Powered by Capital Market - Live News