Cochin Shipyard up 5%

Cochin Shipyard rose almost 5% to hit an intraday high at Rs.376.40 and remains firmly in the green. Its 20% UC for the day is at Rs.430.85.

The stock is in the limelight after it was known that ace investor, Radhakishan Damani bought almost 7 lakh shares or 0.53% in the PSU via open market transactions.

He made the purchase yesterday at Rs.349.14/share.

Cochin Shipyard, a ‘Mini Ratna’ company, is India’s largest public sector shipyard, with one of country’s largest ship repair docks of 1,25,000 DWT capacity and a ship building dock capable to accommodate vessels upto 11,00 DWT capacity, on India’s western coast at Kochi, Kerala. Company undertakes both defence and commercial orders, with former accounting for ~80% of revenues, the most recent feat being building India’s first indigenous aircraft carrier (IAC) for the Indian Navy. Shipbuilding accounts for 80% of revenue, and balance comes from ship repair.

The PSU had gone public in 2017 and had offered shares at Rs.432/share.