Cochin Shipyard shares rise 5% after Radhakishan Damani buys stake

Cochin Shipyard share value rose 5 p.c intraday on October 23 after ace investor Radhakishan Damani picked up a stake within the firm.

Within the earlier session, the inventory rallied 10 p.c to shut at Rs 359.55. It has gained 45 p.c within the final 6 months.

Radhakishan Damani has acquired half a p.c fairness stake in Cochin Shipyard, the state-owned largest shipbuilding and upkeep firm, through an open market transaction on October 22.

The majority offers information out there on the Nationwide Inventory Trade confirmed that Damani has acquired 6,94,646 fairness shares within the firm at Rs 349.14 per share on the NSE.

On October 22, the federal government has amended some licensing norms to spice up native shipbuilding and in addition amended proper of first refusal situation for ship constitution, reported CNBC-TV18.

At 09:35 hrs, Cochin Shipyard was quoting at Rs 369, up Rs 9.45, or 2.63 p.c on the BSE.

The share touched its 52-week excessive Rs 491.15 and 52-week low Rs 209.00 on 20 January 2020 and 24 March 2020, respectively. At present, it’s buying and selling 24.87 p.c under its 52-week excessive and 76.56 p.c above its 52-week low.