Multibagger Cochin Shipyard shares jump 14% to hit 52-week high, rally 20% in 4 sessions
Cochin Shipyard jumped nearly 14% to hit their 52-week high of Rs 1,096 on the NSE on Thursday. Today's rally takes the gains to over 20% in four trading sessions.
The rally was supported by strong volumes with more than 70 lakh shares trading on the NSE around 9:50 am.
The traded value of the share stood at Rs 735.55 crore.
The day's action took the stock into an overbought zone with momentum indicators RSI and MFI at 79.8 and 84, respectively.
The multibagger stock which has a market capitalisation of Rs 14,282.65 crore has given returns of over 170% in the past 12 months, significantly outperforming the Nifty which has returned over 11% during this period.
The stock is also trading above its 50-day and 200-day Simple Moving Averages (SMAs).
Cochin Shipyard delivered strong June quarter earnings as the defense PSU reported a 135% year-on-year (YoY) jump in consolidated net profit at Rs 98.65 crore, compared to Rs 42 crore in the corresponding quarter of last fiscal. The revenue from operations rose 7.9% YoY to Rs 475.9 crore for the quarter under review as against Rs 440.9 crore in the year-ago quarter.
The company reported an EBITDA of Rs 78.7 crore for the June quarter. Meanwhile, margins during the quarter came in at 16.5%.
The Miniratna company has traded with a 1-year beta of 1.3 according to Trendlyne, which makes it a highly volatile stock.
However, the 1-month beta stands at 0.19, which indicates that the stock has been consistent with the direction of its movement which has largely been towards the north.
Cochin Shipyard shares hit their 52-week low of Rs 371.20 on the NSE on September 6, 2022.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not
