Cochin Shipyard bags Rs 10,000 crore from Indian Navy; stock surges 11 per cent
The shares of Cochin Shipyard jumped by more than 11 per cent intraday on Tuesday after the company announced that it has become the recipient of an order from the Indian Navy with an estimated total order value being around Rs 10,000 crore.
As per an exchange filing, Cochin Shipyard was declared as the L1 or the lowest bidder in a tender floated by the Indian Navy for the construction of six next-generation missile vessels (NGMV).
The final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course, the company added.
Post the announcement, the stock was trading close to its 52-week high of Rs 396, which it touched on January 11, 2021. During this time, the volumes surged 10.16 times and the scrip was trading with volumes of 1,80,014 shares, compared to its five-day average of 13,917 shares.
At the time of market closing on Tuesday, the stock of Cochin Shipyard pared some of its gains and closed at Rs 380.30 per share, up by 7.69 per cent or 27.15 per share, against a 0.01 per cent gain in the benchmark index. The 52-week high is recorded at Rs 396.30 while its 52-week low is Rs 209 on BSE.