Defence PSU Stock, Share Split: Shares of a defence sector PSU company has rallied a massive 416 per cent in the past one year, of which 90 per cent surge coming in just 2024. The company had also recently split its shares in January this year in the ratio 2:1.
The company under discussion is Cochin Shipyard Ltd., and in just past two it rallied over 17 per cent amid expectation of strong earnings and healthy order book position.
On Wednesday, the shipbuilder's shares jumped over 3 per cent to hit a new 52-week high of Rs 1,323 apiece on NSE. At the time of writing, around 12:27 PM, its shares were trading at Rs 1,279, up 2.16 per cent against its previous closing price.
Is there more upside in the shipbuilder's stock?
"There's an aggressive uptrend in all shipping sector stocks. We are also witnessing technical breakout in these stocks. The upside momentum can be attributed to the hike in tariffs, which might benefit these companies." said Singh during an episode of ET NOW Swadesh.
The market expert added, "There's an aggressive uptrend in Cochin Shipyard and we can see further upside of up to Rs 1,450 from the current levels." The stop loss, he suggested, should be around Rs 1,150. The analyst also suggested to hold shipping stocks for they can yield good returns in the near term.
Its shares, according to BSE Analytics, have gained 16 per cent in the past week, 42.3 per cent in the past month, and 50.6 per cent in the past three months. On an year-to-date (YTD) basis, the stock has gained over 90 per cent. In one, three and five years, the shipbuilder's shares have yielded multibagger returns of 410 per cent, 632 per cent and 633 per cent, respectively.
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(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
2024-04-24T07:38:24Z dg43tfdfdgfd