Shares of Cochin Shipyard were up by almost 2% in early trade after the Indian government's ministry of shipping approved the formation of Joint Venture Company between Cochin Shipyard Ltd and Hooghly Dock & Port Engineers Limited for upgradation and modernization of shipbuilding infrastructure at the two shipyard sites of Salkia and Nazirgunge in Kolkata.
Accordingly, a Joint Venture Company was incorporated on October 23 in the name of Hooghly Cochin Shipyard Limited.
Cochin Shipyard Ltd and Hooghly Dock & Port Engineers Limited will have 76% and 24% stake in the Company respectively.
Cochin Shipyard Ltd is currently trading at Rs 577.55, up by Rs 9 or 1.58% from its previous closing of Rs 568.55 on the BSE. The scrip opened at Rs 571.9 and has touched a high and low of Rs 581 and Rs 570.5 respectively. The stock is currently trading above its 200 DMA.