Cochin Shipyard Shares Up Almost 13% To Record Amid Key Marine Project Launches
The new projects worth Rs 4,000 crore includes Cochin Shipyard's drydock and the International Ship Repair Facility, according to the PIB.
Shares of Cochin Shipyard Ltd. jumped nearly 13% to an all-time high on Wednesday due to positive sentiment amid the launch of key marine projects by Prime Minister Narendra Modi in Kochi.
The new projects worth Rs 4,000 crore includes Cochin Shipyard's drydock and the International Ship Repair Facility, according to the PIB.
Cochin Shipyard's stock rose as much as 12.8% during the day to Rs 888 apiece on the NSE. It was trading 10.19% higher at Rs 872.90 per share, compared to a 1.79% decline in the benchmark Nifty 50 as of 1:33 p.m.
The share price has risen 251.49% in the past 12 months. The total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 76.89, implying that the stock maybe overbought.
Two out of five analysts tracking the company have a 'buy' rating on the stock, as many recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 42.8%.