Shares of Cochin Shipyard Ltd. surged nearly 8% on Friday after its net profit jumped 76% in the first quarter of the current financial year.
The shipbuilder posted a profit of Rs 174 crore in the June quarter as compared to Rs 99 crore in the same period last year, according to an exchange filing.
Revenue increased 62% year-on-year to Rs 771 crore. Operating income rose to Rs 177 crore, with the Ebitda margin expanding to 22.9% from 16.9% a year ago.
Cochin Shipyard's stock rose as much as 7.74% during the day to Rs 2,491 apiece on the NSE. It was trading 6.27% higher at Rs 2,457.25 per share, compared to a 1.18% advance in the benchmark Nifty at 9:45 a.m.
The share price has risen 641.91% in the last 12 months and 261.34% on a year-to-date basis. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 49.32.
Three out of the five analysts tracking Cochin Shipyard have a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 13.7%.
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