Stock to Watch: Cochin Shipyard shares in focus as Govt to sell up to 5% stake via OFS

[hfe_template id='11223'] [ad_1]
Shares of state-run Cochin Shipyard are likely to remain in focus on Wednesday as the government will sell up to 5% stake sale in the company via an offer for sale (OFS). The floor price is set at Rs 1,540 per share and the two-day issue opens today.

The base issue comprises the sale of a 2.5% equity stake representing 65,77,020 shares with a green shoe option of another 2.5%.


The OFS will open for non-retail investors today and for retail investors and employees of the company on Thursday.

The floor price of Cochin Shipyard shares are at a discount of 8% over Tuesday's closing price of Rs 1,673. The stock on Tuesday ended with gains of Rs 48.60 or 3% on the NSE over Monday's closing price.


The offer will take place during trading hours through a separate window on Thursday.

Shares of Cochin Shipyard have fallen nearly 80% from their 52 week peak of Rs 2,979.45, they had hit in July this year.Notwithstanding the recent decline, their one-year return still stands at 216% which is a significant outperformance over Nifty whose returns stand at 27%. In this year, so far, they have yielded 146% returns.Cochin shipyard is one of the leading shipbuilding and repair yards in India and has an exclusive area set for offshore construction and future expansion. It is one of India's top 10 public sector undertakings.

The stock has fallen below its 50-day simple moving average (SMA) of Rs 1,928 while it is still trading above its 200-day SMA of Rs 1,536.

The recent correction in this counter has bought it from the overbought zone. Its momentum indicators RSI and MFI are at 37 and 45 according to Trendlyne data. A number below 30 suggests that the stock is trading in an oversold zone while a number above 70 means it is in the overbought zone.

The stock has remained quite volatile with its 1-year beta hovering above 1.

Also Read: Bajaj Auto Q2 results preview: Robust volumes to drive revenue growth by up to 29% YoY. PAT may jump by up to 24%

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

[ad_2] Source link https://mrgaga.in/stock-to-watch-cochin-shipyard-shares-in-focus-as-govt-to-sell-up-to-5-stake-via-ofs/?feed_id=43780

Comments

Post a Comment

Popular posts from this blog

India VIX jumps 100% in one month. Could fear levels take Nifty further down?

Image
[hfe_template id='11223'] [ad_1] Volatility in Indian equity markets has surged sharply over the past month, with the India VIX nearly doubling as geopolitical tensions and global uncertainty triggered aggressive selling in equities. India VIX, often referred to as the market’s fear gauge, has jumped close to 100% over the past month, reflecting growing nervousness among investors. The spike has coincided with a sharp correction in the broader market, with the Nifty 50 declining about 8% during the same period. The escalation of tensions involving the United States, Israel and Iran has intensified market anxiety in recent days, pushing crude oil prices sharply higher and triggering a global risk-off sentiment. However, analysts note that volatility had already been building even before the conflict escalated, reflecting broader concerns around global growth, foreign capital outflows and stretched valuations in equities. The heightened uncertainty translated into a sharp ...
Read more

Can Sensex, Nifty snap 2-day fall on Monday? 7 factors that could decide market mood this week

Image
[hfe_template id='11223'] [ad_1] Benchmark indices Sensex and Nifty ended the week on a bearish note, closing over a percent lower each as a deepening selloff in IT stocks rattled investor sentiment amid mounting fears of AI-led disruption. Further, stronger-than-expected jobs data for January dampened hopes of a US Fed interest rate cut. Here are 7 factors that could decide market action in the coming week: 1.) Infosys, Wipro ADRs rebound - After a brutal two-day selloff that saw Infosys and Wipro ADRs plunge as much as 14.5%, Friday’s session brought a much-needed breather. Bargain hunting kicked in at lower levels, sparking a sharp rebound as Infosys climbed 3% while Wipro gained 4%—helping both stocks close the week on a far stronger note. International brokerage firm JP Morgan has a message for panic-stricken investors: IT services firms are the indispensable "plumbers of the tech world" and their dividend yields have now hit levels last seen only during ...
Read more

Waaree Energies shares in focus after Q4 profit rises 34% to Rs 619 crore, revenue up 36%

Image
[hfe_template id='11223'] [ad_1] Waaree Energies shares will be in focus on Wednesday after the solar panel maker reported a strong Q4 performance, with net profit rising 34.1% year-on-year (YoY) to Rs 618.9 crore for the quarter ended March 31, 2025. In the same quarter last year, the company had reported a profit of Rs 461.5 crore. Revenue from operations jumped 36.4% to Rs 4,003.9 crore, up from Rs 2,935.8 crore in the year-ago period, according to the company’s regulatory filing. EBITDA more than doubled to Rs 922.6 crore in Q4 FY25, up 120.6% from Rs 418.3 crore in the same quarter last year. The EBITDA margin improved to 23% from 14.3% a year ago. The company produced 2.06 GW of solar modules in the fourth quarter, up from 1.35 GW in the same period last year. For the full year, module production reached 7.13 GW, compared to 4.77 GW in FY24. For the full financial year FY25, revenue rose 27.62% YoY to Rs 14,846.06 crore. Profit after tax more than doubled to Rs 1,9...
Read more