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Business News/ Markets / Stock Markets/  Cochin Shipyard stock surges 11%, gains 395% in one year; what's driving the rally?
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Cochin Shipyard stock surges 11%, gains 395% in one year; what's driving the rally?

Cochin Shipyard stock closed at ₹1,335 per share on May 14, versus previous close at ₹1,195 on NSE

Cochin ShipyardPremium
Cochin Shipyard

Shipbuilding company Cochin Shipyard share price rallied over 11.7 per cent on Tuesday's trading session on National Stock Exchange (NSE) after the company announced that it has bagged a large order from European client.

Cochin Shipyard stock closed at 1,335 per share on May 14, versus previous close at 1,195 on NSE.

“We would like to inform that CSL has bagged a Large order from a European Client, for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV) with an option for two more such vessels," the company said in an exchange filing.

Also read: Multibagger Stock: Gravita India gains over 250% in 2 years, more than 2800% since May 2020; good time to invest?

The specified vessel features hybrid battery systems aimed at enhancing energy efficiency and minimizing carbon emissions. It has been specifically designed and constructed to cater to the service, maintenance, and operational requirements of the offshore wind farm industry in the European market. This region is witnessing a surge in demand for sustainable energy solutions, making the vessel strategically positioned to meet these needs.

"None of the promoter/ promoter group/ group companies have any interest in the entity that awarded the order. Further, the said order also does not fall under the purview of related party transactions," the company added.

The shipbuilder also indicated that the project is anticipated to be finished by the conclusion of 2026.

The order has been categorized as 'large', falling within the 500-1000 crore range; however, the precise value of the deal was not revealed in the filing.

Cochin Shipyard stock has gained nearly 143.11 per cent in the last six months and over 395.78 per cent in the last one year on NSE.

Also read: 3.33 to 27.50: Penny stock turns multibagger. Rises 700% in four years

From a technical standpoint, the stock demonstrates a favorable position on the charts, displaying positive performance above all major moving averages, with a mid-range RSI hovering around the 52 mark.

Cochin Shipyard stands as India's premier shipbuilding and maintenance establishment, situated amidst a series of maritime-oriented facilities in Kochi. Its offerings encompass the construction of platform supply vessels and double-hulled oil tankers.

 

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Published: 14 May 2024, 04:16 PM IST
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