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Business News/ Markets / Stock Markets/  Multibagger Cochin Shipyard share price gains 9% on a large order win from Europe
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Multibagger Cochin Shipyard share price gains 9% on a large order win from Europe

Stock Market Today: Multibagger Cochin Shipyard share price gained more than 9% in morning trades on Tuesday as it announced securing a Large order from a European Client for construction of Hybrid Service Operation Vessel.

Cochin Shipyard share price gains 8% on large order win from EuropePremium
Cochin Shipyard share price gains 8% on large order win from Europe

Stock Market Today: Cochin Shipyard share price gained more than 9% in morning trades on Tuesday.  Cochin Shipyard had  announced securing a Large order from a European Client for construction of Hybrid Service Operation Vessel, on Monday post market hours.

A order worth 500-1000 crore is classified as a large order as per Cochin Shipyards.

Looking at the order size its not surprising that Cochin Shipyards share price that opened at 1238.65 on the BSE, around 3.65% higher over the previous day close, however continues to gain to intraday high of 1310.60, marking gains of more than 9%.

The Cochin Shipyard share price with gains of more than 380% in last one year has given Multibagger returns to the investors.

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Meanwhile the order from European Client is for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV) with an option for two more such vessels. The vessel as per Cochin Shipyards is equipped with hybrid battery systems to improve the energy efficiency and reduce the carbon foot prints. The is to be designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market. The sustainable energy solutions in European markets are in high demand. The project as per Cochin Shipyard is expected to be completed by the end 2026.

The Indian Defence manufacturers that have seen strong improvement in earnings outlook helped by strong domestic order in flows , helped by country's “Make in India" initiative. However, they are now seeing strong international order flows, improving their earnings prospects further. During the month of April,  Cochin Shipyard has signed the Master Shipyard Repair Agreement with United States Navy.

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 It is the rising international orders that are driving Cochin Shipyard share price that is trading near 52-week high of 1378.95 seen on 30 April. 2024.

For the quarter ending March'2024, , Antique Stock Broking expect Cochin Shipyard to report revenue growth of 64% year-on-year to 945 Crore. The earnings before interest, tax, depreciation and amortisation (Ebitda) are expected to rise to 170 crore during Q4Fy24 compared to Ebitda loss of 66 Crore in the year ago quarter.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

 

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 14 May 2024, 09:29 AM IST
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