Shares of both Mazagon Dock and Cochin Shipyard have declined over 5 percent each on Monday.
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Shares of two leading shipping companies - Cochin Shipyard Ltd. and Mazagon Dock Shipbuilders Ltd. – dropped over 5 percent in trade on Monday as both stocks correct from their 52-week high. Shares of both these companies also went ex-dividend on Monday.
Shares of Cochin Shipyard made a 52-week high of Rs 684 on Thursday before correcting on Friday. The stock had declared a dividend of Rs 7 per share, the record date for which is Tuesday, November 22. The stock has corrected nearly 9 percent over the last two trading sessions.
The ex-dividend date for a stock is one business day prior the record date of declaring eligible shareholders for the dividend payout. This means that investors who buy the stock on the ex-dividend date or later are not eligible for the dividend announced by the company.
Including the two-day correction, shares of Cochin Shipyard are up nearly 80 percent this year.
Similarly, shares of Mazagon Dock Shipbuilders dropped as much as 5.8 percent in intra-day trade on Monday. The company had announced an interim dividend of Rs 9.10 per equity share with the ex-dividend date being November 21.
Shares of Mazagon Dock had also hit a 52-week high of Rs 887.9 last Thursday. The stock has corrected 12 percent over the last two trading sessions.
Speaking to CNBC-TV18 after the earnings report, Sanjeev Singhal, Director-Finance of Mazagon Dock said that the revenue guidance has been revised higher.
“Considering that the first half is already over, we would like to revise our guideline with respect to FY23 to around 25-30 percent growth compared to the previous year. Therefore, we are expecting Rs 7,400-7,500 crore, if things go as per our plan. So that would be the revenue guidance for the current year,” he said.