Defense stock has been making money since last one year, then looted to buy it, company makes ships
The total order book position of Cochin Shipyard as on December 31, 2023 is Rs 21,400 crore. The company said it has a shipbuilding order pipeline of about Rs 9,000 crore.
Cochin Shipyard shares: There was a stormy rise in the shares of Cochin Shipyard, a public sector company, on Friday. The stock rose more than 7 percent on the last trading day of the week. During trading this share reached the price of Rs 1438.65. This is the 52-week high of the stock. This is a record high for the stock. Touched the level of Rs 1400 for the first time. This multibagger defense stock has climbed 394% in one year and 733% in two years. On May 25, 2023, the stock had reached a low level of Rs 234.53. This is the 52-week low of the stock.
Brokerage Estimate
Gaurav Bissa, VP, Incred Equities, is bullish on defense stocks in the short term. Bissa said- Cochin Shipyard has been in a strong uptrend. The price has been increasing for the last few years. Abhijeet of Tips2Trades said that Cochin Shipyard share price is bearish with strong resistance at Rs 1378 on the daily chart. Daily close below the support of Rs 1327 may result in a fall to Rs 1095 in the near term.
Also read : This share became 5 times the IPO price, reached near record high after huge profits
Order book worth Rs 21,400 crore
The total order book position of Cochin Shipyard as on December 31, 2023 is Rs 21,400 crore. The company said it has a shipbuilding order pipeline of about Rs 9,000 crore. The company said other project proposals are worth around Rs 84,000 crore. With all the policy initiatives taken by the Government of India in recent times to encourage and support 'self-reliance', the outlook for warship building in the coming years looks quite positive. According to the shareholding pattern, the promoter's stake in the company is 72.86 percent. At the same time, public shareholders hold 27.14 percent stake.
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