Shares of Cochin Shipyard rallied 7% on 21 December after the company announced signing a contract with the Ministry of Defence.

In its regulatory filing, the company said Cochin Shipyard had signed a contract with the Ministry of Defence on 19 December 2023 for a value of Rs 488.25 crores. The work package includes repair and maintenance of the equipment and systems onboard the naval vessel.”

The work on this project has already begun during the Q2FY24 based on the Approval of Necessity from the Ministry of Defence and is expected to be completed by

Earlier, the company had set 10 January as the record date for determining shareholder eligibility for the split of existing equity shares. The company has set that 1 equity share of the face value of Rs 10 each will be split into 2 equity shares of the face value of Rs 5 each.

In its quarterly report for July-September, the company reported a 61% year-on-year increase in its consolidated net profit to Rs 181.52 crore for the quarter from Rs 112.79.45 crore reported in the same quarter last year.

At 1:55 pm, the shares of Cochin Shipyard were trading 4.76% higher at Rs 1,282.90 on NSE.