Cochin Shipyard shares rose 5% and hit the upper circuit at Rs 1,539.05 after Adani Ports and SEZ placed an order of 8 harbour tugs for a value of Rs 450 crore. However, the stock is still 94% away from its all-time high of Rs 2,979.45.
Shares of Adani Ports were trading 0.5% lower at Rs 1,237.20 and were the major losers in the Nifty 50.
Adani Ports announced the procurement of eight state-of-the-art harbour tugs, all to be constructed by Cochin Shipyard Ltd. The total contract value, it added, is estimated at Rs 450 crore and these tugs are expected to begin delivery in December 2026 and continue until May 2028.
The initiative aligns with the government’s Make in India and Aatmanirbhar Bharat initiatives by boosting local manufacturing and enhancing self-reliance in the maritime sector.
“This collaboration to procure from Cochin Shipyard Ltd signifies our commitment to enhancing maritime infrastructure in India and demonstrates our confidence in our nation’s PSUs. By leveraging local manufacturing capabilities, which are world-class, we aim to contribute to the ‘Make in India’ initiative while ensuring that our operations meet international standards of safety and efficiency,” said Ashwani Gupta, Whole-time Director & CEO of Adani Ports.
Cochin Shipyard’s performance in Q2
The company reported a 4% year-on-year growth in the net profit standing at Rs 189 crore for the second quarter of FY25, compared with Rs 182 crore in Q2 FY24. The shipmaker’s revenue from operations increased by 13% on year to Rs 1,143.2 crore as against Rs 1,011.7 crore in the same quarter of the previous financial year.
Cochin Shipyard Vs Nifty 50
The stock of Cochin Shipyard fell 1.6% in the last five trading days. It has given a return of 2.3% in the past one month. The stock has wiped out more than 31% of investors’ wealth in the last six months.
To compare, the benchmark index, Nifty 50 has risen 0.2% in the last five trading days. The index has fallen 1.7% in the past one month and 0.75% in the previous six months.
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