Cochin Shipyard shares hit new 52-week high on inauguration of State-of-the-Art Dry Dock

Shares of Cochin Shipyard Limited experienced a notable surge, climbing by 5.5 percent to reach a fresh 52-week high of Rs 896 during morning trade. The upswing followed the inauguration of a new dry dock and the international ship repair facility (ISRF) in Kochi by the company.

Costing Rs 1,799 crore, the newly established dry dock is situated within CSL’s existing premises in Kochi. The facility, equipped with heavy ground loading capabilities, positions India with advanced capacities to handle strategic assets such as future aircraft carriers up to 70,000 tonnes displacement, along with large commercial vessels, as outlined in the company’s press release.

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Subsequent to the initial gains, a slight profit-booking phase ensued, causing the stock to trim its profits. As of 9:57 am, the stock was trading at Rs 857, reflecting a 1 percent increase from the previous close on the NSE.