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NEW DELHI: Shares of Cochin Shipyard gained over 5 per cent in morning trade on Friday after bulk deal data showed that ace investor Radhakishan Damani bought a chunk of shares in the company.
Damani bought nearly 7 lakh shares of Cochin Shipyard from the open market on Thursday, NSE bulk deal data showed.
Shares of the company rose over 5 per cent to Rs 378. This follows nearly 9 per cent gain on Thursday. The volume on BSE spiked nearly 3 times of the normal trade volume.
The company is the largest shipbuilding and maintenance facility in India, in which the government holds 72.86 per cent stake. Institutional investors hold 11.17 per cent and rest is held by retail and non-institutional investors.
Most analysts are bullish on the company, according to publicly available Reuters Eikon data. One analyst has a ‘buy’ call while four have assigned an ‘outperform’ rating. Two analysts advice to ‘hold’ the stock.
Year to date, the scrip is down over 8 per cent, underperforming Sensex. But in the last few weeks, it has generated investor interest. The one-month return on the stock stands at 18 per cent.
The company is yet to announce its Q2 earnings. ICICI Securities expects Cochin Shipyard to report revenue and Ebitda decline of 12.1 per cent and 17.8 per cent YoY, respectively, owing to moderate execution in shipbuilding and ship repair activities.
Damani bought nearly 7 lakh shares of Cochin Shipyard from the open market on Thursday, NSE bulk deal data showed.
Shares of the company rose over 5 per cent to Rs 378. This follows nearly 9 per cent gain on Thursday. The volume on BSE spiked nearly 3 times of the normal trade volume.
The company is the largest shipbuilding and maintenance facility in India, in which the government holds 72.86 per cent stake. Institutional investors hold 11.17 per cent and rest is held by retail and non-institutional investors.
Most analysts are bullish on the company, according to publicly available Reuters Eikon data. One analyst has a ‘buy’ call while four have assigned an ‘outperform’ rating. Two analysts advice to ‘hold’ the stock.
Year to date, the scrip is down over 8 per cent, underperforming Sensex. But in the last few weeks, it has generated investor interest. The one-month return on the stock stands at 18 per cent.
The company is yet to announce its Q2 earnings. ICICI Securities expects Cochin Shipyard to report revenue and Ebitda decline of 12.1 per cent and 17.8 per cent YoY, respectively, owing to moderate execution in shipbuilding and ship repair activities.
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