State-run shipbuilding and ship repair company Cochin Shipyard's shares soared to a record high on Wednesday as Prime Minister Narendra Modi inaugurated projects worth more than Rs 4,000 crore in Kochi in a major boost to the country's ports, shipping, and waterways sector. The stock of Cochin Shipyard (COCHINSHIP) surged by as much as Rs 96, or 12.1 per cent, to an all-time high of Rs 887.9 apiece on BSE, surpassing an earlier peak of Rs 1,409 registered in late December. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

According to an official statement, the Prime Minister will inaugurate three major infrastructure projects around noon during his scheduled visit to Kochi: the New Dry Dock (NDD) at Cochin Shipyard, the International Ship Repair Facility (ISRF) of the shipbuilder, and the LPG import terminal of oil company Indian Oil Corporation at Puthuvypeen.

Indian Oil Corporation (IOC) shares gained as much as 1.2 per cent to Rs 145.4 apiece on the bourse. 

"With the commissioning of these three projects, the nation’s ship-building and repair capacities as well as growth of energy infrastructure including ancillary industries will get a boost. The projects will also boost EXIM Trade, reduce logistics costs, drive economic growth, build self-reliance and create numerous domestic and international business opportunities," it added. 

stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.