The Cochin Shipyard share price gained 6 percent in the early trade on June 12 after the company bagged a project from the defence ministry.
The company has been declared as L1 by the Indian Navy for MR/Mid Life Upgrade of an Indian Naval Ship.
The final contract will be executed in due course. The estimated contract value is around Rs 300 crore (approximately) and the estimated duration is around 24 months.
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The company had posted 85.6 percent fall in its Q4FY23 net profit at Rs 39.34 crore versus Rs 274.62 crore in March 2022. Revenue was down 50.5 percent at Rs 600.09 crore from Rs 1,212.49 crore last year.
At 9:21am, Cochin Shipyard was quoting at Rs 555.20, up Rs 14.90, or 2.76 percent, on the BSE.
The share touched a 52-week high of Rs 686.80 and a 52-week low of Rs 296.45 on December 5, 2022 and June 20, 2022, respectively. It is now trading 19.16 percent below its 52-week high and 87.28 percent above its 52-week low.
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