Cochin Shipyard gains 2% on forming JV with Hooghly Dock & Port Engineers

NEW DELHI: Shares of Cochin Shipyard climbed as much as 2 per cent in morning trade after the company formed a joint venture with Hooghly Dock & Port Engineers for upgradation and modernisation of shipbuilding infrastructure at the two shipyard sites of Salkia and Nazirgunge in Kolkata.

A joint venture company has been incorporated on October 23 in the name of Hooghly Cochin Shipyard Ltd. Cochin Shipyard and Hooghly Dock & Port Engineers will have 76 per cent and 24 per cent stake in the company, respectively.

The scrip was trading 1.80 per cent up at Rs 578.75 around 10.30 am (IST). Shares of the company opened at Rs 571.90 and touched a high and low of Rs 581 and Rs 570.50, respectively, in trade so far. Benchmark BSE Sensex was up 135 points, or 0.42 per cent, at 32642.23. at around the same time.

The stock had hit 52-week high of Rs 592.20 on October 11, 2017 and 52-week low of Rs 435 on August 11, 2017.

On the BSE, 47,000 shares were traded in the counter so far, compared with average daily volumes of 2.70 lakh shares in the past two weeks.