New Delhi: Stock-specific action is being seen in the stock market today. Meanwhile, the shares of the government-owned defense sector giant Cochin Shipyard have once again hit an upper circuit of 5 percent. Buyers' activity is being seen continuously in it. Cochin Shipyard has hit an upper circuit of 5 percent in 5 out of the last 6 trading sessions. At the same time, today the company has gained momentum after getting a big order.

Shares rose 5 percent

On Monday, Cochin Shipyard shares opened at Rs 1,631.50, up from its previous close, while a little later, heavy buying was seen in it and it hit the upper circuit of 5 percent. With this, this defense PSU stock recovered 32 ppercentfrom its all-time low level.
 

The company got a contract worth Rs 1,000 crore

The company said in an exchange filing that it has signed a contract with the Ministry of Defense for short refit and dry docking of a large ship. The company further said that this contract is worth Rs 1,000 crore, which is to be completed in the next five months. Earlier, Cochin Shipyard had signed an MoU with Seatrium Letourneau USA, which includes design and critical equipment for jack-upping in the Indian market.

Additional monitoring of Cochin Shipyard shares

Let us tell you that with a rise of 5 percent on Monday, the stock of Cochin Shipyard has recovered more than 30 percent from its recent decline. In fact, on November 22, the shares made their low of 1,251.5, which is 58 percent lower than its all-time high of 2,979. However, investors should note that the shares of Cochin Shipyard are now trading in the Additional Surveillance Measures (Phase 4) framework. Under Phase 4 of the ASM framework, the margin requirement of all customers has been increased to 100%, while the price band for the stock has been limited to 5%.