Cochin Shipyard shares rise as PM Modi to inaugurate hydrogen fuel cell ferry today
Cochin Shipyard shares rose 4.24% to Rs 890 against the previous close of Rs 853.75 on BSE. Market cap of the defence stock climbed to Rs 23,216 crore.
- Feb 28, 2024,
- Updated Feb 28, 2024 9:42 AM IST
Shares of Cochin Shipyard Ltd rose over 4% in early trade today after the defence major said Prime Minister Narendra Modi will inaugurate the first indigenously developed and built hydrogen fuel cell ferry today. Cochin Shipyard has constructed the vessel, which will be inaugurated in virtual mode from Thoothukudi in Tamil Nadu.
Cochin Shipyard shares rose 4.24% to Rs 890 against the previous close of Rs 853.75 on BSE. Market cap of the defence stock climbed to Rs 23,216 crore.
Cochin Shipyard stock opened higher at Rs 867.95 on BSE. Total 0.37 lakh shares of the firm changed hands amounting to a turnover of Rs 3.27 crore on BSE. Cochin Shipyard has a one-year beta of 0.4, indicating very low volatility during the period.
The stock has delivered multibagger returns of 109% in the last six months and risen 293% in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 53.2, signaling the stock is neither overbought nor oversold on technical charts. Cochin Shipyard shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
Cochin Shipyard embarked on the ambitious mission to design, develop, and build the country’s first fully indigenous hydrogen fuel cell catamaran ferry vessel as a pilot project to demonstrate the technology in the maritime sector.
“India’s commitment to a sustainable future aims for net zero emissions by 2070. At the forefront of this endeavour is the adoption of green hydrogen as a maritime fuel,” the release said.
Fuel cell-powered vessels cause zero emission, zero noise, and are energy efficient, which reduce the effects of global warming.
“The inauguration of this project will provide impetus for use of hydrogen in marine application as envisaged under the National Green Hydrogen Mission and early adoption of hydrogen fuel cell technology in the marine sector will provide it a global competitive advantage whereby meeting sustainable green energy aspiration of our nation for net zero emission,” said Cochin Shipyard.
Also read: Stock recommendations by analysts for February 28: Tata Communications, BEL and V-Guard
Also read: Wipro shares: Kotak says 'Sell' stock as discount with Infosys, HCL Tech narrows
Shares of Cochin Shipyard Ltd rose over 4% in early trade today after the defence major said Prime Minister Narendra Modi will inaugurate the first indigenously developed and built hydrogen fuel cell ferry today. Cochin Shipyard has constructed the vessel, which will be inaugurated in virtual mode from Thoothukudi in Tamil Nadu.
Cochin Shipyard shares rose 4.24% to Rs 890 against the previous close of Rs 853.75 on BSE. Market cap of the defence stock climbed to Rs 23,216 crore.
Cochin Shipyard stock opened higher at Rs 867.95 on BSE. Total 0.37 lakh shares of the firm changed hands amounting to a turnover of Rs 3.27 crore on BSE. Cochin Shipyard has a one-year beta of 0.4, indicating very low volatility during the period.
The stock has delivered multibagger returns of 109% in the last six months and risen 293% in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 53.2, signaling the stock is neither overbought nor oversold on technical charts. Cochin Shipyard shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
Cochin Shipyard embarked on the ambitious mission to design, develop, and build the country’s first fully indigenous hydrogen fuel cell catamaran ferry vessel as a pilot project to demonstrate the technology in the maritime sector.
“India’s commitment to a sustainable future aims for net zero emissions by 2070. At the forefront of this endeavour is the adoption of green hydrogen as a maritime fuel,” the release said.
Fuel cell-powered vessels cause zero emission, zero noise, and are energy efficient, which reduce the effects of global warming.
“The inauguration of this project will provide impetus for use of hydrogen in marine application as envisaged under the National Green Hydrogen Mission and early adoption of hydrogen fuel cell technology in the marine sector will provide it a global competitive advantage whereby meeting sustainable green energy aspiration of our nation for net zero emission,” said Cochin Shipyard.
Also read: Stock recommendations by analysts for February 28: Tata Communications, BEL and V-Guard
Also read: Wipro shares: Kotak says 'Sell' stock as discount with Infosys, HCL Tech narrows