Cochin Shipyard filed its latest shareholding data with the exchanges on Thursday.
What Happened: As per the latest data, foreign institutional investors cut their stake in defence stock during the April-June quarter. As of June 30, foreign portfolio investors held a 4.94% stake in public sector firms, compared with the 5.23% stake they held at the end of March 2024.
On the other hand, the number of shareholders went up to 155 from 136 during the June quarter.
Mutual Funds marginally raised their stake in the company during the June quarter to 2.20%. It stood at 2.13% at the end of March. Nippon India Nifty Small Cap 250 Index Fund trimmed its stake to 1.64% from the 1.67% reported at the end of March.
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Shares of the defence major have been under pressure today along with several other defence stocks such as Mazagon Dock Shipbuilders, Garden Reach Shipbuilders and BEL.
Earlier in the day, media reports suggested that the company’s peers Garden Reach and Mazdock were in the race to bag a major order from the Defence Ministry. The ministry is said to be on the verge of approving a massive ₹70,000 crore order for warships for the Indian Navy.
Price Action: Cochin Shipyard’s share price was down 3.92% to trade at ₹2,635.70 on Thursday afternoon.
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