Cochin Shipyard, Mazagon Dock shares decline over 10 percent in two trading sessions

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.