Shares of Cochin Shipyard Ltd hit a record high today after the defence major said it has inked the Master Shipyard Repair Agreement (MSRA) with United States Navy. Cochin Shipyard shares gained nearly 5% to Rs 1135.55 against the previous close of Rs 1080.65 on BSE. Market cap of the defence stock climbed to Rs 29,825 crore.
Cochin Shipyard stock opened higher at Rs 1104.25 on BSE. Total 0.43 lakh shares of the firm changed hands amounting to a turnover of Rs 4.89 crore on BSE. Cochin Shipyard has a one-year beta of 0.4, indicating very low volatility during the period.
The stock has clocked multibagger returns of 106.35% in the last six months and risen 349.53% in a year.
“The MSRA is a non-financial agreement and is effective from April 05, 2024. This will facilitate repair of US Naval vessels under Military Sealift Command in CSL. 2. CSL has been qualified for entering into the Master Shipyard Repair Agreement (MSRA) after a detailed evaluation process and capability assessment by the US Navy – Military Sealift Command,” said Cochin Shipyard.
In terms of technicals, the relative strength index (RSI) of the stock stands at 73.8, signaling the stock is trading in overbought zone. Cochin Shipyard shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
In March end, Hindustan Aeronautics inked a contract with Cochin Shipyard Limited (CSL), Kochi, for the supply of six sets of LM2500 gas turbines (GT) and GT Auxiliaries (GTAE), spares, tools for Indian Navy’s Next Generation Missile Vessel (NGMV) project. The domestic contract will be executed between FY26 to FY29, valued at Rs 1,173.42 crore.