Shares of Cochin Shipyard Ltd. jumped 8% to a record high on Wednesday after the stock turned ex-split.
The company fixed Wednesday, Jan. 10, as the record date to determine the eligibility of shareholders for its 2:1 stock split. The approved stock split will split one equity share with a face value of Rs 10 into two equity shares with a face value of Rs 5 each.
Shares of the company rose as much as 8.04% to Rs 722.80 apiece, the highest level since its listing on Aug. 10, 2017. It pared gains to trade 5.68% higher at Rs 707.00 apiece as of 09:59 a.m. This compares to a 0.12% decline in the NSE Nifty 50 Index.
It has risen 187.13% in the past 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 64.1.
Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 67.6%.
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