Cochin Shipyard Share Price Today: 1,964, Down 3.2% from Previous Close
Cochin Shipyard (NSE: COCHINSHIP), one of India’s leading shipbuilding and repair companies, saw its share price close at ₹1,964 on the National Stock Exchange (NSE) today, August 30, 2024. This represents a decrease of 3.2% from the previous close of ₹2,024.The stock traded in a range of ₹1,860 to ₹2,024 during the day, with a market capitalization of ₹49.19 crores. Cochin Shipyard has a 52-week high of ₹2,979.45 and a 52-week low of ₹421.50.
Next Day Price Forecast and Technical Analysis of Cochin Shipyard Share Price
Based on technical analysis, the immediate support for Cochin Shipyard’s stock is at ₹1,900, while the resistance is at ₹2,050. If the stock breaks above the resistance level, it could potentially test the 52-week high of ₹2,979.45.Fundamental analysts believe that Cochin Shipyard’s strong order book and diversified business model, which includes shipbuilding, ship repair, and offshore projects, make it an attractive long-term investment. However, the company’s high debt levels and exposure to global economic conditions are factors to consider.
Today Target Prediction and Important Levels of Cochin Shipyard Share Price
The consensus target price for Cochin Shipyard’s stock is ₹2,200, which represents an upside of approximately 12% from the current levels. The stock is currently trading at a P/E ratio of 57.30, which is higher than the industry average.
Key support levels for the stock are ₹1,900, ₹1,850, and ₹1,800, while the resistance levels are ₹2,050, ₹2,100, and ₹2,150. Investors should closely monitor these levels for potential breakouts or breakdowns.
Suzlon Share Price Predictions: Will It Hit ₹78 or Slide Back to ₹70?
Causes of Today Movement and Buyback News
The decline in Cochin Shipyard’s share price today can be attributed to profit-taking by investors after the recent rally. The company’s recent announcement of a buyback of up to 10% of its equity shares at a price of ₹2,500 per share has also generated some investor interest.
The buyback is subject to shareholder and regulatory approvals and is expected to be completed by the end of the year. The company aims to utilize its surplus cash and improve its return on equity (ROE) through the buyback.
Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock
