Cochin Shipyard share price: The scrip surged 20 per cent to hit an adjusted one-year high price of Rs 802.40. The counter saw heavy trading volumes as 10.24 lakh shares were seen changing hands on BSE. The figure was way more than the two-week average volume of 95,000 shares.Turnover on the counter came at Rs 77 crore, commanding a market capitalisation (m-cap) of Rs 21,109.60 crore.The company, which had Rs 22,000 crore of shipbuilding order book as on September 30 last year, recently said that it signed a contract worth Rs 488.25 crore with the Ministry of Defence.

Cochin Shipyard said the work package includes repair and maintenance of the equipment and systems onboard the naval vessel. The work on the same has already been commenced during Q2 of FY24 based on the Approval of Necessity (AoN) from MoD, and is expected to be completed by Q1 of FY25, it told stock exchanges. The company has been the premier shipyard in India for both commercial and defence ship building and repairs. The yard with its pan India presence is focusing on expanding its foot prints and developing a larger ecosystem for ship building and repairs across the nation, as per the company.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 75.77. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 37.74 against a price-to-book (P/B) value of 3.73.

As of December last year, promoters held 72.86 per cent stake in the company.
(Disclaimer : Stock market news for informational purposes only and should not be construed as investment advice)

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