Cochin Shipyard Share Price Continues To Rally For Second Consecutive Session
Cochin Shipyard Ltd.'s share price surged for the second consecutive session on Tuesday, marking a strong rebound after a brief dip on Friday. The stock hit its upper circuit limit on Monday, achieving its highest level since Oct. 15, 2024.
The latest rally is attributed to a significant development involving the company's contract with the Ministry of Defence. On Nov. 30, 2024, Cochin Shipyard Ltd. signed a Rs 1,207-crore deal for the short refit and dry docking of INS Vikramaditya, a vital aircraft carrier for the Indian Navy. This contract is expected to bolster the shipyard's revenue stream and reputation in the defence sector.
The Ministry of Defence stated that once the refit is completed, INS Vikramaditya will rejoin the active fleet of the Indian Navy with upgraded combat capabilities. This upgrade is seen as a crucial step in enhancing the operational readiness of India's naval forces.
Before the brief pullback on Friday, Cochin Shipyard's stock had seen a 22% gain over the previous five trading sessions.
Cochin Shipyard Share Price Today
Share price of Cochin Shipyard rose as much as 4.76% before paring gains to trade 2.35% higher at Rs 1,695 apiece, as of 10:40 a.m. This compares to a 0.57% advance in the NSE Nifty 50.
It has risen 185.20% in the last 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 67.
Out of five analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 28.5%.
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