Cochin Shipyard's Q2 earnings gloom sends shares down 5%, stock crashes 50% from peak
Cochin Shipyard's Q2 earnings gloom sends shares down 5%, stock crashes 50% from peak
The shipbuilder's stock reached an all-time high of Rs 2,979.45 per share on the NSE on 8th July 2024. Since then, it has declined by over 51 per cent.
Cochin Shipyard shares drop over 50% from peak, falls 5% today on weak Q2
Cochin Shipyard share price hit the lower circuit on November 8 after after the higher costs dented the company's Q2 margins. The stock has dropped over 50 percent from its peak.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) margin stood at 17.3 percent in the quarter under review for the current fiscal. Previously, it reported 18.9 percent of the corresponding quarter of the previous fiscal.
Stocks of the state-owned company dropped 5 percent to hit the lowest tradeable limit for the day to quote its intraday low of Rs 1,447.65 per share on the NSE. It opened gap-down with a loss off 2.35 percent in today's trading session. The counter has been falling for the last two days and has lost nearly 6 percent in the period.
The company's market capitalization stands at Rs 38,130.93 crore. The shipbuilder's stock reached an all-time high of Rs 2,979.45 per share on the NSE on 8th July 2024. Since then, it has declined by over 51 per cent.
The company reported a 4 percent increase in its net profit to Rs 189 crore on-year for the second quarter. The company's revenue from operations increased 13 percent to Rs 1,143.2 crore as against Rs 1,011.7 crore in the year ago period.
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