Cochin Shipyard and these surprise darlings are 2024's best performing stocks
Indian stock market has emerged as the undisputed champion of global equities in the past year. Leaving even the tech-heavy NASDAQ in the dust, the MSCI India index has skyrocketed over 36%. This isn't just a story of the big players.
While the widely followed NIFTY 50, comprised of large-cap giants, has posted a respectable 11% gain, the real action is happening further down the market cap ladder. Small-cap and mid-cap stocks have witnessed an explosive surge of more than 25%, indicating a broad-based market rally and a potential change in investor sentiment. What's even more intriguing is how individual stocks have defied expectations.
Cochin Shipyard, the belle of the ball, was the Sensex’s best-performing stock during the first half of 2024. However, there were several less predictable winners as the benchmark indices rose to record-high levels. Let's explore the true winners of the first half of 2024.
Cochin Shipyard, a government-owned company and India's largest public-sector shipyard by capacity, has emerged as a standout performer. Although registered as a commercial shipyard, it derives most of its revenues from building and repairing defence ships. This unique position in India's defence manufacturing space has propelled its shares up by 294% in 2024 so far.
The surge follows Cochin Shipyard receiving an order from a European client to design and build a Hybrid Service Operation Vessel (SOV), with an option for two more such vessels. This ₹5-10 billion project is expected to be completed by the end of 2026. As of 18 June 2024, the company boasts an order book valued at ₹215 billion.
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