Cochin Shipyard share price gained 4 percnet in the opening trade on December 2 after the company signed a contract worth Rs 1,000 crore with the Ministry of Defence (MoD), Government of India.
At 09:20am, Cochin Shipyard was quoting at Rs 1,644.90, up Rs 67.95, or 4.31 percent, on the BSE.
The contract is for short refit and dry docking of a large Indian Naval Vessel. The estimated duration for the project is around 5 months.
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Broking house Geojit Financial Services in its report dated November 25 assigned 'buy' rating on the stock with a target price of Rs 1,557.
On November 22, the company entered a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian Market.
The company had reported a 4 percent increase in its net profit to Rs 189 crore on-year for the second quarter ended September 2024. The company's revenue from operations increased 13 percent to Rs 1,143.2 crore as against Rs 1,011.7 crore in the year ago period.
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