WEB DESK
India’s State-owned Cochin Shipyard Limited(CSL) has said that it has secured another international order from North Star Shipping, a top UK-based offshore renewable operator, for the construction of hybrid Service Operation Vessels (SOVs).
Shares of Cochin Shipyard rose nearly 3% on Friday after the firm said it’s subsidiary won an order worth Rs 100 to Rs 250 crore. Cochin Shipyard stock gained 2.72% to Rs 2010 against the previous close of Rs 1956.75 on BSE. Market cap of the defence stock rose to Rs 51,720 crore.
The stock has delivered multibagger returns of 224.34% in the last six months and risen 688.20% in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 76.2, signaling the stock is trading in the overbought zone. Cochin Shipyard shares are trading higher than the 5 day, 10 day, 50 day, 100 day and 200 day moving averages.
As part of the order, they will be building hybrid SOVs. These vessels will be deployed at the Scottish Power Renewables East Anglia THREE offshore wind farm, situated off the Suffolk coast, an official release said here. A CSL source said the order is valued at EUR 60 million. It said the ship-building contract also has an option to contract two more such vessels.
North Star, earlier in the year, contracted another hybrid SOV with Cochin Shipyard. With attention turning towards sustainable and green energy solutions, there is a large global focus on the development of offshore renewable energy segments.