AMN / BIZ DESK
Cochin Shipyard Limited(CSL) a wholly state owned subsidiary has secured an order for three 70 T Bollard Pull ASTDS Tugs for Ocean Sparkle Limited, an Adani Harbour Services Limited Company. This will be deployed in Indian Ports.
Earlier 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.