Cochin Shipyard shares surge 10% on FTSE index inclusion, may see $30 mn inflows

Shares of PSU defence company Cochin Shipyard today rallied 10% to its day’s high of Rs 1,846.55 on BSE as the stock entered FTSE’s All World Index, which may lead the stock to witness inflows worth $30 million.

The stock ended its losing streak of the past 4 trading sessions after witnessing gains today after the inclusion in the index.

Cochin Shipyard shares are also in focus as the company will begin trading on an ex-dividend basis from Monday for a dividend of Rs 2.25 per share, declared earlier this month. Today is the last day to purchase shares to qualify for this dividend.

The shares have advanced by an impressive 246% over the last year, while in the past six months, the stock has surged by 110%. Year-to-date, the shares have gained 170.7%, according to BSE analytics.

In the past 12 months, Cochin Shipyard has declared dividends totaling Rs 14.50. At the current market price of Rs 1,845.25, the company’s dividend yield stands at 0.79%, based on data available from Trendlyne.

Also read: Vodafone Idea shares tumble 24% in 2 days, slip below Rs 10 mark

Meanwhile, technically, the stock is currently positioned below its short, medium, and long-term exponential moving averages (i.e., 10, 20, and 100 DEMA), but remains above the 200 DEMA. On the RSI, the stock is oscillating near the 23.5 mark, indicating that it is in oversold territory.

The shares of the company ended at Rs 1846.55 at close of trade.

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