Cochin Shipyard shares surge sharply to hit record high today. Here’s why
Cochin Shipyard shares were up over 9 per cent to Rs 1,250.05 at 10:10 am. The shares of the company have been on a stellar run on the stock market, having gained over 30 per cent in the past 5 sessions and over 80 per cent in a month.
In Short
- Cochin Shipyard shares gain on optimistic FY24 commentary
- CSL's remarkable run: Over 30% gain in 5 trading sessions, 80% in a month
- Cochin Shipyard Chairman Madhu S Nair expresses strong FY24 optimism
Shares of Cochin Shipyard Limited (CSL) hit a fresh record high on Friday after surging 20 per cent in the previous trading session.
At 10:10 am, the company’s shares were up over 9 per cent to Rs 1,250.05. The shares of the company have been on a stellar run on the stock market, having gained over 30 per cent in the past 5 sessions and over 80 per cent in a month.
In the past six months, the stock has soared over 152 per cent and over 206 per cent in a year.
Cochin Shipyard shares gained today as the company’s management is highly optimistic about the fiscal year 2024, driven by a robust order book in shipbuilding and ship repair. This enthusiasm propelled the company's shares to a record-breaking 20% surge yesterday.
On Thursday, Madhu S Nair, the Chairman and Managing Director of Cochin Shipyard, exuded strong optimism for the fiscal year 2024 during an interview with BQ Prime.
Nair underscored the company's robust order book in shipbuilding and ship repair segments, emphasizing the readiness of key equipment and the importance of execution. He radiated confidence in the progress of ongoing projects, characterizing them as being in a "favorable execution phase."
Moreover, the company’s shares are also in focus as it is set to take part in the "Antique Defence Conference" hosted by Antique Institutional Equities Investment Trust of India (ITI Group) on September 8, 2023.