Shares of Cochin Shipyard jumped nearly 6% on Wednesday to the day’s high of INR 901 on the NSE after the company informed about India’s first hydrogen fuel cell ferry which will be inaugurated today by Prime Minister Narendra Modi.
Calling it a remarkable day for India’s new technology initiative, Cochin Shipyard in an exchange filing said that country’s first indigenously developed and built hydrogen fuel cell ferry will be inaugurated by Modi in virtual mode from Thoothukudi.
“This is part of India’s commitment to a sustainable future and aims for net zero emissions by 2070,” the release said.
“The inauguration of this project will provide an impetus for using hydrogen in marine applications as envisaged under the National Green Hydrogen Mission and early adoption of hydrogen fuel cell technology in the marine sector will provide it with a global competitive advantage by meeting the sustainable green energy aspiration of our Nation for net zero emission,” the filing added.
Following the announcement, the multibagger stock witnessed strong investor interest with over 31.67 lakh shares getting traded on the NSE around 10 am. The traded value of shares around this time stood at INR 281.11 crore. With today’s action, the stock has broken its two-session losing streak.
Cochin Shipyard shares have delivered multibagger returns of nearly 300% in the past 12 months and have outperformed Nifty which itself has given returns of over 27% during this period. The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs).
Day’s momentum indicators RSI and MFI as reported by Trendlyne stood at 54 and 55, respectively indicating a potential upside from the current levels. A number above 70 is considered to be overbought while below 30 is seen as oversold.
Incorporated in the year 1972 as a fully owned Government of India company, Cochin Shipyard is India’s largest shipbuilding and maintenance facility.
