Cochin Shipyard Stock Up 9% On Mega Order Win

The stock of Cochin Shipyard rose above 9 per cent in the Tuesday trading session after the firm bagged a mega order from a European firm.

The stock traded at Rs 1,302 with 9 per cent gain in the afternoon session on the National Stock Exchange (NSE). 

Cochin Shipyard, a ship manufacturer, has received a large order for the design and building of a hybrid service operation vessel from an unidentified European customer.

The hybrid SOVs, equipped with innovative hybrid battery systems, are poised to set new standards in energy efficiency while significantly reducing the carbon footprint.

The vessel is designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market where sustainable energy solutions are in high demand, said Cochin Shipyard

The exchange filing to the bourses indicated that there is also an option under the deal for two additional of the same vessel.

Cochin Shipyard defined "large" orders as those that fall between Rs 5 billion and 10 billion, however the firm did not reveal the contract's exact financial terms.

The project is anticipated to be finished by the end of 2026. 

In terms of stock performance in 2024 so far, Cochin Shipyard stock has delivered whopping returns of more than 90 per cent.