Mazagon Dock, Shipping Corporation, Cochin Shipyard shares off to a good start on Tuesday

Shipping Stocks: Shares of shipbuilding companies were off to a good start on Tuesday as they traded in positive territory in early morning deals on BSE. Shares of Mazagon Dock, Shipping Corporation of India, HAL, GE Shipping, and Cochin Shipyard were trading higher in the Tuesday morning session.

ZeeBiz will take you through the performance of the shipping stocks on Tuesday morning.

Mazagon Dock 

Shares of Mazagon Dock are soaring higher by 5.42 per cent, or Rs 112.40, at Rs 2,186.10, as the shipbuilder company signed a deal with an European client for the construction of six firm multi-purpose hybrid power vessels. 

The stock that closed the trading session on Monday at Rs 2073.70 started its journey on Tuesday at Rs 2,190.05.

The stock banked on the deal to jump as high as Rs 2,219.55. 

"This is to inform that MDL has signed Letter of Intent (LOD with an European client for construction of 06 firm and 04 optional units of 7500 DWT multi-purpose hybrid power vessels. The prices for which would be firmed up at the time of signing of contract," Mazagon Dock said in a BSE filing on Monday.

Shipping Corporation of India

Shares of Shipping Corporation of India were off to a strong start on Tuesday as they jumped 3.01 per cent, or Rs 4.35, at Rs 148.65 apiece in the morning session. 

The share that closed at Rs 144.30 on Monday opened at Rs 150.15 on Tuesday and soon hit the day's high of Rs 153.30.

Last week, the government said that it might invite bids without waiting for the listing of Shipping Corporation of India Land and Assets Ltd, a demerged SCI entity. 

HAL

Shares of Hindustan Aeronautics Limited jumped higher by 1.79 per cent, or Rs 34.30, at Rs 1,954.15 each in early morning deals on Tuesday.

GE Shipping 

The stock of the shipping company jumped 0.95 per cent, or Rs 8.10, at Rs 856.85 on BSE in morning deals.

The stock that started its day at Rs 859.95 soon reached the day's high of Rs 867.55.   

Cochin Shipyard 

Cochin Shipyard shares soared in the morning session as they jumped 3 per cent, or Rs 31.00, at Rs 1,064.10 each. 

After closing at Rs 1033.10 on Monday, the shares opened the trading session at Rs 1,056.05 each before hitting the day's high of Rs 1,087.00.