Cochin Shipyard shares hit record high for fourth session, overbought on charts

Shares of Cochin Shipyard zoomed over 7% to record high amid a correction in the broader market today. The rally in the defence stocks comes amid defence minister Rajnath Singh’s statement in mid June that the government’s objective was to increase defence exports. He set a target of exports of over Rs 50,000 crore worth of defence equipment by 2028-2029 on an annual basis. Defence exports rose to a record Rs 21,083 crore in the last fiscal.

Rajnath Singh also made a pitch for make in India theme in the Indian defence sector. Cochin Shipyard stock gained 7.21% to Rs 2877.95 on BSE.

The multibagger defence stock has climbed 914% in a year and gained 1727% in two years. It has entered the overbought zone, signals its RSI at 79.2. Market cap of the defence stock stood at Rs 74,991 crore.

Earlier, Cochin Shipyard stock opened higher at Rs 2732 on BSE. Total 5.25 lakh shares of the firm changed hands amounting to a turnover of Rs 147.09 crore on BSE.

Cochin Shipyard has a one-year beta of 1, indicating average volatility during the period. Cochin Shipyard shares stand higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Cochin Shipyard Limited is engaged in the shipbuilding and ship repair business. The company is engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ships periodical layup repairs and life extension of ships.