505% Returns in 1 Year: Multibagger PSU to declare FY24 dividend, Q4 results soon; stock hits 14% upper circuit

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Cochin Shipyards Share Price: Shares of India's largest shipbuilding and maintenance company rallied 14 per cent to hit a lifetime record-high mark during intra-day on Tuesday, May 21, three days ahead of announcing its January-March quarter results for fiscal 2023-24 (Q4FY24) results. The leading public-sector undertaking (PSU) will also declare a final dividend for FY24 on Friday, May 24, according to a regulatory filing to the stock exchanges.

Earlier this month, Cochin Shipyards bagged an order from a European client, for the design and construction of a hybrid service operation vessel (SOV) with an option for two more such vessels. The vessel is equipped with hybrid battery systems to improve the energy efficiency and reduce the carbon foot prints.

Also Read: Cochin Shipyard share price soars 298% in one year; Can this upside momentum continue? The vessel is designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market where sustainable energy solutions are in high demand. The project is expected to be completed by the end 2026, said Cochin Shipyards in its exchange filing.

The order has been categorized as 'large', falling within the ₹500-1000 crore range; however, the precise value of the deal was not revealed in the filing. The defence PSU will announce its Q4FY24 results and a final dividend for FY24 on Friday, May 24.