Cochin Shipyard settled at Rs 522 on BSE, a premium of 20.83% over initial public offer price of Rs 432 per share on its debut today, 11 August 2017.

Meanwhile, the S&P BSE Sensex fell 317.74 points or 1.01% at 31,213.59.

The stock opened at Rs 435, a premium of 0.69% over issue price. The stock settled at the intraday high level. It had a hit a low of Rs 435 in intraday trade. On the BSE, 32.45 lakh shares were traded on the counter.

The initial public offer (IPO) of Cochin Shipyard had received a stellar response from investors. It was oversubscribed 76.19 times. The IPO price band was fixed at Rs 424-432 per share.

Cochin Shipyard is one of the leading ship building and ship repairing companies in India.

Cochin Shipyard's net profit rose 7% to Rs 312.18 crore on 3.5% growth in net sales to Rs 2059.49 crore for the financial year ended March 2017 (FY 2017) over the financial year ended March 2016 (FY 2016).