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Cochin Shipyard shares jump 3% after MoU with Seatrium Letourneau USA

Stocks
< 1 min Read Nov 25, 2024
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Cochin Shipyard Ltd. (CSL) shares rose by 3% in early trade on November 25, trading at ₹1,339, up ₹40.50. The surge followed the signing of a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET). This strategic partnership focuses on designing and supplying critical equipment for jack-up rigs tailored for the Indian market. 

The announcement has caught the attention of investors keen on share market investment, highlighting CSL's commitment to growth.

Impressive financial performance

CSL reported a 4% YoY increase in net profit to ₹189 crore for Q2FY25, alongside a 13% rise in revenue to ₹1,143.2 crore. Despite a marginal dip in EBITDA margin to 17.3%, the company remains a robust player in the industry. A recently declared interim dividend of ₹4 per share also bolsters its appeal for long-term share market investment.

Key takeaways

  • CSL's MoU with SLET strengthens its position in the offshore drilling market.

  • The 3% share price rise signals positive market sentiment for share market investment.

  • With a 140% annual growth in stock value, CSL demonstrates consistent performance.