India's Cochin Shipyard hits 1-1/2-month high on defence contract win

Cochin Shipyard

31/03/2023 06:12

** Shares of Cochin Shipyard  COCH.NS  up as much as 8.21%
to 496.7 rupees, their highest since Feb 17
    ** Co on track for a third consecutive session of gains, if
trends hold
    ** The shipbuilding and maintenance facility provider says
it emerged as L-1 bidder for a Ministry of Defence contract
worth 98.05 bln rupees ($1.19 bln) 
    ** About 1.8 mln shares change hands, vs 3.6x 30-day average
of 502,011 shares 
    ** Stock down 14.09% YTD, as of last close
    
    ($1 = 82.1970 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com;))