Cochin Shipyard up 10% as it wins order worth Rs 5400 cr from Indian Navy

The stock surged 10% to Rs 568 on the NSE after the company bagged an orders worth of Rs 5,000 crore from the Indian Navy.

Cochin Shipyard surged 10% to Rs 568 on the National Stock Exchange (NSE) after the company bagged an order worth Rs 5,400 crore from the Indian Navy.

“The company has received communication from the Ministry of Defence (Navy) that the company has emerged as the L1 bidder for 16 X ASW SWC Project for the Indian Navy,” Cochin Shipyard said in a statement.

The contract for eight vessels at a cost of about Rs 5,400 crore is expected to be concluded with the Ministry of Defence after due process, it added.

The company said the order was