Cochin Shipyard shares: Shares of Cochin Shipyard Ltd surged by as much as 6.89 percent in intraday trading on Friday, reaching an all-time high of Rs 1,438.65. Eventually, the stock settled 5.13 percent higher at Rs 1,414.90. In 2024 thus far, the stock has witnessed a remarkable gain of 107.61 percent, and over a year, it has surged by an impressive 417.43 percent.
According to technical analysts, the outlook for the stock appears bullish based on daily charts. Support levels are identified at Rs 1,327 and Rs 1,300, while a decisive close above Rs 1,460 is deemed necessary for further upside.
Osho Krishan, Senior Research Analyst specializing in Technical & Derivatives at Angel One, commented on Cochin Shipyard’s performance, noting its ongoing uptrend and the challenge of predicting resistance levels as the stock enters uncharted territory. Krishan highlighted strong support levels at Rs 1,300 and a bullish gap at Rs 1,240.
According to AR Ramachandran from Tips2trades, Cochin Shipyard’s stock displays a bullish trend on daily charts, with robust support identified at Rs 1,327. If the stock can close above the resistance level of Rs 1,460 on a daily basis, it may target an upside of Rs 1,685 in the near future.
The stock is currently trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). The 14-day relative strength index (RSI) stands at 68.36, indicating that the stock is neither oversold nor overbought.
With a price-to-equity (P/E) ratio of 31.24 and a price-to-book (P/B) value of 3.95, the company’s stock has an earnings per share (EPS) of 45.29 and a return on equity of 12.64.
Today, the stock experienced significant trading activity with approximately 8.58 lakh shares being traded on the BSE. This volume surpassed the two-week average volume of 2.31 lakh shares. The turnover for the stock amounted to Rs 119.62 crore, contributing to a market capitalization (m-cap) of Rs 37,223.30 crore.
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As of March 2024, the company’s promoters maintained a 72.86 percent stake in the company.
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