Buy Cochin Shipyard, target price Rs 450: HDFC Securities

HDFC Securities has buy call on Cochin Shipyard with a target price of Rs 450. The current market price of Cochin Shipyard Ltd. is Rs 418.5. Cochin Shipyard Ltd., incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 5505.62 Crore) operating in Defence sector.

Cochin Shipyard Ltd. key Products/Revenue Segments include Indigenous Aircraft Carrier, Ship Repairs, Vessels, Other Operating Revenue and Sale of services for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 496.77 Crore, down -62.49 % from last quarter Total Income of Rs 1324.26 Crore and up 32.39 % from last year same quarter Total Income of Rs 375.25 Crore. Company reported net profit after tax of Rs 42.18 Crore in latest quarter.


Investment Rationale
Surpassed crucial double top resistance of 410 on closing basis. Indicators and oscillators are bullish

Promoter/FII Holdings
Promoters held 72.86 per cent stake in the company as of 30-Jun-2022, while FIIs owned 2.75 per cent, DIIs 4.37 per cent.