Cochin Shipyard shares surge nearly 10% after European order win
Shares of Cochin Shipyard experienced a notable surge of 10% on Tuesday, reaching a high of Rs 1,310.60 on the Bombay Stock Exchange (BSE). This surge followed the company's announcement of a significant order win to the exchanges on Monday.
Shares of the Cochin Shipyard surged 10% on Tuesday on to day’s high of Rs 1,310.60 after the company reported the news of a large to the exchanges on Monday.“We would like to inform that CSL has bagged a Large order from a European Client, for the design and construction of a (Hybrid SOV) with an option for two more such vessels,” stated the filing to the exchanges.
The mentioned vessel is equipped with hybrid battery systems to improve the energy efficiency and reduce the carbon footprints and is designed and built for the service, maintenance and operational needs of the in the European market where are in high demand.
The shipmaker also stated that the project is expected to be completed by the end of 2026.
The order has been classified as ‘large’ since the order size of the deal falls under the Rs 500-1000 crore category, however, the exact amount of the deal was not disclosed in the filing.
Cochin Shipyard has gained 383.7% in the last one year while in the last 6 months, it has increased the by 147.5%.
Technically, the stock is well placed on the charts, performing positively above all its significant and a mid range near the 52 mark.
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Source: Stocks-Markets-Economic Times
