Cochin Shipyard Jumps Nearly 10% After 'Large' Order Win
The company classifies orders ranging from Rs 500 crore to Rs 1,000 crore as 'large'.
Shares of Cochin Shipyard Ltd. surged nearly 10% on Tuesday after it secured a 'large' order from a European client for the design and construction of a hybrid service operation vessel, with an option for two more such vessels.
The company classifies orders worth Rs 500–1,000 crore as 'large'.
The project is expected to be completed by the end of 2026, according to an exchange filing. "The vessel is designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market, where sustainable energy solutions are in high demand," it said.
The company, however, did not provide further details of its client.
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Shares of the company rose as much as 9.6% intraday, the highest level since May 7. They pared gains to trade 8.38% higher at 11:43 a.m., compared to a 0.35% advance in the NSE Nifty 50.
The stock has risen 91.20% year-to-date and 421.68% in the last 12 months. Total traded volume so far in the day stood at 1.23 times its 30-day average. The relative strength index was at 60.75.
Of the five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 36%.
