Cochin Shipyard Surges 11% On Winning Order From The Indian Navy

On Tuesday, shares of Cochin Shipyard surged 11% to Rs 394 on BSE after the company received an order from the Indian Navy. The stock was trading close to its 52-week high of Rs 396.

"We would like to inform that at the meeting held today at the Ministry of Defence, New Delhi, Cochin Shipyard Limited (CSL) has been declared as L1 in the tender floated by the Indian Navy for construction of 6 nos. of Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs. 10,000 crore," Cochin Shipyard said in a regulatory filing.

"The final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course," it added.

Meanwhile, the stock has turned ex-date for a second interim dividend of Rs 4 per equity share of Rs 10 for the financial year 2020-21. The company has fixed 24 February 2021 as the record date for the aforesaid interim dividend.