Cochin Shipyard breaches upper circuit at Rs 528.15 on listing day
DSIJ Intelligence / 11 Aug 2017
Cochin Shipyard has breached its upper circuit on its listing day. The stock has only buyers on the counter and it is now locked at Rs 528.15 per share, up by Rs 88 per share or 19.99% as against its opening price of Rs 440.15 per share.
Cochin Shipyard has breached its upper circuit on its listing day. The stock has only buyers on the counter and it is now locked at Rs 528.15 per share, up by Rs 88 per share or 19.99% as against its opening price of Rs 440.15 per share.
With respect to its issue price of Rs 432 per share, the stock has gained 22%. The stock got listed on the NSE at Rs 440.15 per share at a premium of 1.8% and started a sharp upward movement during the first few minutes of trading.
The total traded volume stood at 2,69,62,682 shares and the total traded value was Rs 1,369.08 crore as of 1244 hours on Friday. There are 23,03,030 stocks on the ‘buy’ quantity of the order book while there are no sellers available on the NSE counter.
The company will utilize the net proceeds raised from the IPO for (a) setting up of a new dry dock within the existing premises of the company, (b) setting up of an international ship repair facility at Cochin Port Trust area (ISRF), and (c) general corporate purposes.
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