Cochin Shipyard share price hits 52-week high as PM Modi commissions INS Vikrant in Kochi

Shares of Cochin Shipyard jumped nearly four per cent in early trade as Prime Minister Narendra Modi commissioned India's first indigenously designed and built aircraft carrier INS Vikrant at Cochin Shipyard Limited in Kochi.  

Shares of Cochin Shipyard jumped 3.9% in BSE intraday trade to touch 52-week high of Rs 394.15 per share on Friday.  

The counter has shown steady growth over the past six months and has yielded a return of nearly 35% during this period.  

Cochin Shipyard share price target

At Rs 349.1 a share, HDFC Securities in its report, on August 25 has given two targets from three months' view. The counter achieved the first target price of Rs 377 within a few trading sessions. Cochin Shipyard share price next target given by the brokerage was Rs 405.  

It has said that the stock price has broken out from the downward sloping trendline on the weekly chart.  

"The primary trend of Stock is positive as it is trading above its 50, 100 and 200-day moving averages. Plus, DI is trading above minus DI while ADX line is placed above 25 and started rising, indicating stock price is likely to gather momentum in the current uptrend. Momentum Oscillators like RSI (11) and MFI (10) are in rising mode and placed above 60 on the weekly chart, indicating strength in the current uptrend," it had said.  

It had recommended buying Cochin Shipyard at CMP of 349.1 and average at 333 for the upside target of 377 and 405, keeping a stop-loss at 324. 

Earlier, the spike in the stock price came after PM Modi Modi commissioned INS Vikrant at Cochin Shipyard Limited in Kochi.  

Commissioning of indigenous INS Vikrant puts India into a select league of countries having the niche capability to indigenously design and build an aircraft carrier. 

As per the Indian Navy, the 262-meter-long carrier has a full displacement of close to 45,000 tonnes which is much larger and more advanced than her predecessor.