Shares of multibagger Cochin Shipyard Ltd. gained on Monday after its arm, Udupi Cochin Shipyard Ltd., won a contract worth Rs 1,100 crore to design and construct dry cargo vessels for Wilson ASA of Norway.
The contract has been signed for four dry cargo vessels, and four more at the same time will be formally contracted by Sept. 19, the company said in an exchange filing.
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This is a follow-up order in continuation of the contract awarded in June 2023 for the design and construction of six dry cargo vessels, which are now at advanced levels of construction at the yard at Udupi in Karnataka, the filing said.
Shares of Cochin Shipyard rose as much as 4.28%, the highest level since June 19, before paring gains to trade 2.1% higher at Rs 2,262.85 per share. This compares to a 0.31% rise in the Nifty. The stock had fallen 1% on Friday, still it added nearly 4% in the previous week.
The stock has risen 233.7% year-to-date and 576% in the last 12 months. Total traded volume so far in the day stood at 0.53 times its 30-day average. The relative strength index was at 67.06.
Out of six analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 22.7%.
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