Cochin Shipyard shares climb 9%, near Rs 1,300 mark in early deals

Shares of defence major Cochin Shipyard rose 9% in early deals after the firm said it has won a large order from a European client for hybrid service operation vessels (SOVs). A large order's value is classified between Rs 500- Rs 1,000 crore, as per the company's release. Cochin Shipyard shares rose 8.70% to Rs 1299 on Tuesday against the previous close of Rs 1195 on BSE. Market cap of the defence stock rose to Rs 33,800 crore.

Earlier, Cochin Shipyard stock opened higher at Rs 1238.65 on BSE today. Total 1.46 lakh shares of the firm changed hands amounting to a turnover of Rs 18.63 crore on BSE. Cochin Shipyard has a one-year beta of 0.6, indicating very low volatility during the period.

The stock has delivered multibagger returns of 144% in the last six months and risen 377.79% in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 51.8, signaling the stock is trading neither in the overbought nor in the oversold zone. Cochin Shipyard shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

"We would like to inform that CSL has bagged a Large order from a European Client, for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV) with an option for two more such vessels," according to a stock exchange filing.

The project is expected to be completed by the end of 2026, it said.

The hybrid SOVs, equipped with innovative hybrid battery systems, are poised to set new standards in energy efficiency while significantly reducing the carbon footprint.

The vessel is designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market where sustainable energy solutions are in high demand, said Cochin Shipyard.