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Shares of Cochin Shipyard have risen 25% in two consecutive sessions after the company reported strong Q1FY24 result on 11 August 2023. The stock hit a record high of Rs 822 today.
On a consolidated basis, net profit of Cochin Shipyard rose 133.88% to Rs 98.65 crore on 7.94% increase in net sales to Rs 475.86 crore in Q1 June 2023 over Q1 June 2022.
The stock outperformed the market over the past one month, rising 26.68% compared with 0.74% increase in the Nifty.
The scrip outperformed the market in past one quarter, climbing 44.43% compared with 6.19% increase in the Nifty.
The scrip outperformed the market in past one year, rising 137.38% compared with 6.94% increase in the Nifty.
On the technical front, the stock's daily RSI (relative strength index) stood at 79.82. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 620.77, 559.97 and 550.71, respectively. These levels will act as crucial support zones in near term.
Cochin shipyard is a shipbuilding & repair yard in India. It also has an exclusive area set for offshore construction.
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