Cochin Shipyard, Garden Reach, Mazagon Dock gain up to 15% as market recovers from election result shock
Also Read: BHEL share price jumps 14%, rises 19% in two days. More steam left?Cochin Shipyard shares halted a three-day losing streak by rallying 10% to ₹1,853 in today's intraday session.
Similarly, Garden Reach Shipbuilders also gained 10% to ₹1,298 apiece after two consecutive days of decline.Mazagon Dock shipbuilders staged a robust recovery, surging nearly 15% intraday to reach ₹3,214 apiece. Despite recent fluctuations, all three stocks have delivered impressive returns.
Mazagon Dock has seen a remarkable 223% increase over the last year, while Cochin Shipyard and Garden Reach Shipbuilders & Engineers have soared by 563% and 154%, respectively, in the same period.Also Read: RBI meet underway: MPC likely to keep repo rate steady; 4 crucial reasons whyThis impressive rally in these stocks can be attributed to several factors, including robust order wins, increased budget allocation, and the government's focus on reducing defence imports while promoting domestic procurement. Additionally, improvements in defence exports and enhanced financial performance have significantly heightened investor interest in defence stocks, driving them to achieve record highs.Meanwhile, the resurgence in PSU came after reports showed that Prime Minister Modi-led BJP is poised to form a coalition government with the support of its allies at the center.
After the Bharatiya Janata Party (BJP) fell short of securing an outright majority in parliamentary elections, it was compelled to engage in coalition discussions. Also Read: Multibaggers: 3 shipbuilding stocks including Cochin Shipyard gained between 200% and 725% in a yearLeaders representing the National Democratic Alliance (NDA), such as Nitish Kumar of Janata Dal (United) and N.
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