Shares of Cochin Shipyard hit a 20% upper circuit on January 10, as the stock turned ex-date for a stock split. 

Cochin Shipyard’s shares constantly climbed throughout the day, hitting a 20% upper circuit before the closing hours on Wednesday. The stock closed at Rs 802.80, 20% higher than the previous closing price on the National Stock Exchange (NSE). 

The state-run shipbuilding company had announced a split of its equity share from a face value of Rs 10 each to a face value of Rs 5 each in December 2023. 

In a regulatory filing dated December 14, 2023, the board of directors of the company fixed January 10 as the record date for determining the eligibility of shareholders for the stock split.

In other news, the company signed a contract with the Ministry of Defence in December worth Rs 488.25 crore for repair and maintenance of the equipment and systems onboard the naval vessel.