Cochin Shipyard Shares Jump 5% As Modi Inaugurates Hydrogen Fuel Cell Ferry
Fuel-cell-powered vessels have zero emission and are energy efficient, it says.
Shares of Cochin Shipyard Ltd. jumped over 5% after Prime Minister Narendra Modi inaugurated India's first indigenously developed hydrogen fuel cell ferry on Wednesday.
The inauguration was done in a virtual mode from Thoothukudi, Tamil Nadu. The project is in line with the aim to adopt a sustainable source for maritime fuel in the backdrop of India's goal to reach net zero emissions by 2070, according to an exchange filing.
Fuel-cell-powered vessels have zero emission and are energy efficient, subsequently reducing impact of global warming, it said.
On the NSE, Cochin Shipyard's stock rose as much as 5.78% during the day to Rs 903.45 apiece, the highest since Feb 9. It was trading 1.62% higher at Rs 867.90 per share, compared to a 0.99% decline in the benchmark Nifty 50 as of 1:20 p.m.
The share price has risen 1.11% on a year-to-date basis. The total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 56.45.
Two out of five analysts tracking the company have a 'buy' rating on the stock, as many recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 42.8%.