Cochin Shipyard Ltd.'s share price resumed its rise after a one-session drop on Friday and rose to its upper circuit limit, recording its highest level since October 15.
Monday's gains were on the back of the company's Rs 1,207 crore-contract with the defence ministry. In a press release, the Ministry of Defence said it has signed a contract with Cochin Shipyard Limited on Nov. 30 for short refit and dry docking of INS Vikramaditya.
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After completion of the refit, INS Vikramaditya will join the active fleet of the Indian Navy with upgraded combat capability, the release added.
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Before Friday's fall, the stock had gained nearly 22% in five sessions of gains.
The scrip rose as much as 5% to Rs 1,656.15 apiece. It was locked in its upper circuit limit as of 10:17 a.m. This compares to a 0.2% advance in the NSE Nifty 50 index.
It has risen 144.6% on a year-to-date basis. Total traded volume so far in the day stood at 1.08 times its 30-day average. The relative strength index was at 65.14.
Out of the 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 consensus price target implies a downside of 26.7%.
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