Cochin Shipyard gains 20%, Sandur Manganese lists on NSE, and more

Cochin Shipyard gains 20% on strong outlook

Shares of Cochin Shipyard (CSL) hit a new high of Rs 1,096.85 as they surged 20 per cent on the BSE on Thursday on strong business outlook.
 

By comparison, the BSE Sensex was up 0.58 per cent 385 points to end the day 66,2265. In the past three months, the stock of the state owned company has zoomed over 100 per cent. CSL is the largest public-sector shipyard in India, and derives major revenue from the Indian Navy. 

The primary revenue streams include naval vessel construction, coast guard projects, commercial shipbuilding, and vessel repair services.
 

The shipbuilding industry is dependent on the defence requirements and CSL concluded the largest ship building contract for the construction of six Next Generation Missile Vessels for the Indian Navy, thus adding good order book value to the company.

Jupiter Lifeline Hospital IPO subscribed 3.3 times on Day 2

The initial public offering (IPO) of Jupiter Lifeline Hospitals was subscribed 3.3 times on Thursday, the second day of the issue. The institutional investor portion was subscribed 1.1 times, the high net worth individual portion by 6.6 times, and the retail investor portion by 3.08 times. On Tuesday, the company had raised Rs 261 crore from anchor investors. The IPO was priced between Rs 695 and Rs 735 per share. The Rs 869 crore IPO comprises a fresh issue portion of Rs 542 crore and an offer for sale of Rs 327 crore. 

Sandur Manganese lists on NSE, stock closes in red

Commodity producer Sandur Manganese & Iron Ores made its trading debut on the National Stock Exchange (NSE) on Thursday. Earlier, Sandur was solely listed on the BSE. Its stock last closed at Rs 1,595, down 1.25 per cent from its previous close of Rs 1,615.15 and valuing the company at Rs 4,307 crore.

It has proposed to increase its manganese ore production from 0.28 to 0.58 million tonnes per annum (MTPA) and iron ore production from 1.60 to 4.50 MTPA.