Cochin Shipyard Ltd gained 3 percent in the morning trade on August 1 after the state-owned shipbuilder said it has been upgraded from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise (CPSE), allowing it to effectively manage its seven units.
All CPSEs are categorised into four schedules – A, B, C and D – which has implications for their organisational structure and salary of board level incumbents among others.
“This upgradation of CSL to ‘Schedule A’ recognises CSL’s strong financial performance and operational efficiency and contribution to national security,” it said.
Cochin Shipyard is one of the leading shipbuilding and repair yards in the country. India’s first indigenous aircraft carrier INS Vikrant was constructed by CSL and was delivered in the last financial year.
“The upgradation of CSL to ‘Schedule A’ will now make CSL to operate larger senior management bandwidth required for effectively managing its seven units spread across the country,” it added.
As of June 2023, the government held 72.86 percent stake in the company.