Midcap Stock Wins ₹488 Crore Defence Contract, Shares Jump

Cochin Shipyard shares jumped back in the green on Thursday morning after falling a massive 6% on Wednesday.

What Happened: On Wednesday evening, the PSU announced securing a ₹488 crore contract from the Defence Ministry of India. The word order is for the repair and maintenance of the equipments and systems onboard the naval vessel.

The company, in its filing, further added that the work has already been commenced during Q2 of FY24 based on the Approval of Necessity (AoN) from the Defence Ministry, and is expected to be completed by June 2024.

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The company will soon be going under a stock split. The record date for the 1:2 stock split is Jan. 10, 2025. The PSU stock along with other defence stocks has been on a strong bull run this year. On a year-to-date basis, the stock has surged up over 130%.

Price Action: Cochin Shipyard’s share price was up 2.59% to trade at ₹1,256.40 as the markets opened on Thursday.

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