Stock market today: Defence stock Gocl Corporation hits life-time high after 70% rally in YTD

Stock market today: After bleeding for the six straight sessions, Indian stock market witnessed trend reversal on Friday. Buying interest was witnessed across large-cap, mid-cap and small-cap stocks. Shares of Gocl Corporation were among those bulls favourite stocks during Friday deals.

Gocl Corporation share price today opened upside at ₹594.95 apiece on NSE and extended its early morning gains further. After few hours of stock market's opening bell, Gocl Corporation shares went on to hit intraday high of ₹640.85 levels, which turned out its new life-time high.

Despite weakness on Dalal Street, Gocl Corporation shares have been in uptrend since Wednesday. Major reason behing this continus rally despite weak Indian stock markets could be the recent board meeting outcome in which the defence company announced to foray into space business.

Gocl Corporation news

On 25th October 2023, Gocl Corporation Ltd declared that company plans to foray into space business. Informing Indian stock market exchanges about the decision, the defence company announced three outcomes of the board meeting held on Wednesday this week. Those three outcomes are as follows:

1] Company’s foray in Space Sector: A testimony of this effort is the fact that GOCL has proudly contributed to ISRO’s Chandrayan Mission.

2] Defence Sector initiatives: We have applied for and expecting licence to manufacture certain defence products related to aircraft pilot safety.

3] Electronics: The Company has built a good presence in Electronic Sector, specifically area related to Automotive Engineering, Automobile Battery charging, 5G equipment etc.

Gocl Corporation share price history

Gocl Corporation shares are one of the money-making stocks in 2023. In last one month, this defence stock has risen from around ₹410 apiece to ₹640 apiece levels, delivering over 50 per cent return to its shareholders in this time. In last six months, this defence stock has surged from near ₹322 to ₹640 apiece levels, almost doubling shareholders' money in this time. In YTD time, this defence stock has risen near 70 per cent.

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