Cochin Shipyard shares surge 10%, hit record high post Q4 results
In Monday's trading session on the BSE, shares of state-run Cochin Shipyard soared 10% to reach a new all-time high of Rs 2100. This surge followed the company's announcement of a substantial increase in its consolidated net profit to Rs 258.88 crore for the March 2024 quarter, driven by higher income. In comparison, the company had reported a profit of Rs 39.33 crore in the corresponding period last year.
Shares of state-run surged 10% to hit a new of Rs 2100 in Monday's trade on after the company reported multi-fold growth in its consolidated to Rs 258.88 crore for the March 2024 quarter on account of higher income. It had clocked Rs 39.33 crore profit in the year-ago period.The company's total income rose to Rs 1,366.16 crore from Rs 671.32 crore in January-March FY23.
The firm earned a of Rs 985.15 crore from the shipbuilding segment against Rs 453.84 crore in Q4 FY23. From ship repairing, it has registered a revenue of Rs 300.89 crore compared to Rs 146.24 crore a year ago.
For the full FY24, the company's profit more than doubled to Rs 783.27 crore from Rs 304.70 crore in FY23.
The board of the company also approved a final of Rs 2.25 per share for FY24.
Cochin Shipyard is one of the leading shipbuilding and repair yards in India. It also has an exclusive area set for offshore construction and future expansion.
At 11:08 am, the stock was trading 3.4% higher at Rs 1,977 on BSE. Meanwhile, the stock has rallied over 130% in the past three months, while it has gained over 250% in the past six months. The multibagger stock has also rallied over 725% in the past one year.
The stock is currently trading in an overbought zone as its Relative Strength Index (RSI) is at 84.6. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 110.5, which is above its center and signal line, this is a bullish indicator.
Cochin Shipyard is currently trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).
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Source: Stocks-Markets-Economic Times
