Cochin Shipyard shares gain 3% after Nomura initiates coverage with Buy rating

Employees watch as the newly built Indian Naval warship INS Visakhapatnam sails into the Arabian Sea during its launch at Mazagon Docks, a naval vessel ship building yard, in Mumbai April 20, 2015. REUTERS/Shailesh Andrade - RTX19I94

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Cochin Shipyard share price rose 3 percent after global brokerage house Nomura initiated coverage on the stock with Buy rating and target price of Rs 534, implying 27.6 percent potential upside.

The research firm said the strong visibility from defence orders & ship repair ramp-up are key catalysts for the growth, though multiple of 15x is slightly higher than that for Korean Shipyards.

At 12:00 hours IST, the stock price was quoting at Rs 421.60, up Rs 3.10, or 0.74 percent on the BSE.

The share price corrected more than 13 percent in last 3 months and 21 percent in last on year.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.