Cochin Shipyard shares jump 7% to hit fresh record high; here's what analysts say

Cochin Shipyard Ltd shares on Friday surged as much as 6.89 per cent in intraday trade to hit an all-time high of Rs 1,438.65. The stock eventually settled 5.13 per cent higher at Rs 1,414.90. At this price, the multibagger scrip has gained 107.61 per cent in 2024 so far and 417.43 per cent in a year.

Technical analysts largely suggested that the counter looked bullish on daily charts. Support could be seen at Rs 1,327, followed by Rs 1,300 level. On the higher side, a decisive close above Rs 1,460 is required for further upside.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Cochin Shipyard's stock has been in a secular uptrend. The counter is hovering around its lifetime highs, portraying the inherent strength. As the counter is in uncharted territory, the potential resistance is challenging to forecast. On the lower end, a strong support is placed around Rs 1,300, followed by a bullish gap of Rs 1,240."

AR Ramachandran from Tips2trades said, "Cochin Shipyard stock price is bullish on daily charts with strong support at Rs 1,327. A daily close above resistance of Rs 1,460 could lead the stock to an upside target of Rs 1,685 in the near term."

The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 68.36. 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 31.24 against a price-to-book (P/B) value of 3.95. Earnings per share (EPS) stood at 45.29 with a return on equity of 12.64.

The scrip heavy trading volume today as around 8.58 lakh shares changed hands on BSE. The figure was higher than the two-week average volume of 2.31 lakh shares. Turnover on the counter stood at Rs 119.62 crore, commanding a market capitalisation (m-cap) of Rs 37,223.30 crore.

As of March 2024, promoters held a 72.86 per cent stake in the company.