India's Cochin Shipyard declared lowest bidder by Indian Navy; shares rise

Cochin Shipyard

12/06/2023 05:07

** Shares of Cochin Shipyard  COCH.NS  rise as much as 6.4%
to 574 rupees, their biggest intraday pct gain since June 5
    ** Co on Friday was declared the lowest bidder by the Indian
Navy for MR/Mid Life Upgrade of an Indian Naval Ship
    ** Estimated contract value is about 3 bln rupees ($36.39
million)
    ** COCH trading above its moving average convergence
divergence (MACD) line, indicating bullish sentiment
    ** Nearly 1.1 mln shares change hands vs 0.8x 30-day avg of
1.4 mln shares
    ** Analysts covering the stock on average have a "buy"
rating; median PT is 590 rupees - Refinitiv data
    ** Stock up 1% YTD, as of last close

     ($1 = 82.4480 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))