Cochin Shipyard shares rose over 2% on October 14 after the defence company's Rs 2,000-crore order win.
Cochin Shipyard Ltd on October 14 said it has bagged the 'mega' order from an European client for design and construction of six feeder container vessels. The company classifies orders worth over Rs 2,000 crore as 'mega'. Cochin Shipyard did not disclose the identity of the client.
Each vessel will have a capacity of about 1,700 twenty-foot equivalent unit and powered by liquefied natural gas. A letter of intent in this regard was signed on Tuesday. A formal shipbuilding contract detailing the technocommercial terms will be signed in due course, the company said in a stock exchange filing.
The stock closed 1% higher at Rs 1,780, thus snapping its seven-session losses. The stock rose 15% in 2025 so far. The 52-week low of the stock is Rs 1,180 and 52-week high is Rs 2,545. The market capitalisation of the stock is nearly Rs 47,000 crore.
Nifty Defence index closed 0.4% lower on October 14, thus extending its fall to third straight day. Among gainers on the index were MTAR Technologies, Data Patterns and Cochin Shipyard, which rose 11%, 1.4% and 1.1%, respectively.
The losses on the index were led by Cyient DLM and Zen Technologies, which fell 4.2% and 2.5%, respectively.
In August, Cochin Shipyard said its first quarter net profit increased 7.9% to Rs 187.8 crore on a year-on year (YoY) basis, up from Rs 174 crore.
Revenue for the quarter surged 38.5% to Rs 1,068 crore as against Rs 771.5 crore in Q1FY25.
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