Cochin Shipyard share price snaps 4-day rally, falls 4%. Should you too book profits?

Cochin Shipyard share price: PSU defence stock Cochin Shipyard snapped its four-day winning run on Monday, June 9, as it slid 4% amid profit taking by investors following a 23% rally over four sessions.
The multibagger stock has faced significant gains, rising for four months in a row. Between March and June, Cochin Shipyard's share price is up 65%, with the scrip gaining 19% this month alone.
The rally in Cochin Shipyard shares can be attributed to overall positive sentiment for the defence stocks following the rise in India-Pakistan tensions in light of Operation Sindoor. The Nifty India Defence index is trading at all-time high levels as defence stocks witness strong buying momentum.
Analysts believe that the escalated need for defence equipment and systems has come to the fore, and the focus has now shifted to the execution of the order books to meet this expected demand, which is driving the defence stocks higher.
Omniscience Capital expects the Defence budget to be increased to 3% to 4% of the GDP from the current ~2% level. "With a $10 trillion GDP, the defence budget is expected to grow to more than $300 bn USD or around INR 30 lac crores. This implies a 16-17% annualised growth till 2035," it said.
However, amid a strong rally in Cochin Shipyard share price, technical analysts see a downside in the stock, advising caution for the time being.
Cochin Shipyard rallied over 107% in just 40 days and has now formed a bearish shooting star at the top, followed by a downside move, indicating profit booking, said Anshul Jain, Head of Research at Lakshmishree Investments.
"The recent exhaustion suggests that a short-term correction is underway. The stock is likely to test its previous swing high support zone around ₹ 2,150," he added. Traders should exercise caution at current levels, as the extended rally now looks due for a healthy pullback before any fresh upmove, Jain advised.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Economic Times

2 hours ago

• Economic Times

India key market for MediaTek; young demographic, growing economy fuel growth: Country MD

India's booming technology sector and the young, tech-savvy population are making the country a pivotal market for global semiconductor giant MediaTek, according to company's India MD Anku Jain. India's strong economic growth and favourable demographics are driving rapid adoption of advanced technologies like 5G, smart devices, and AI-powered solutions, he said. "India is a very important market for MediaTek because it is a very huge consumption story,we can see the demographics -- which is a very young population, we can see our economy growing very fast. All these components are making the market very attractive for us," Jain told PTI. Beyond smartphones, MediaTek's chipsets power many devices, including smart TVs, tablets, chromebooks, routers, and the smart home segment. Jain noted that the company is now expanding into new verticals such as automotive, recently partnering with JioThings to develop 4G smart clusters for the two-wheeler EV segment, and supplying infotainment systems for cars like Skoda Slavia and Tata Punch EV. The company is also exploring opportunities in satellite communications, with its chipsets poised to support evolving requirements as India's satellite and IoT ecosystem grows. As per Counterpoint Research, as of April 2025, MediaTek led India's smartphone chipset market with a 45 per cent share, followed by Qualcomm at 32 per cent. The company established its first R&D centre in India in 2004 and now employs over 1,000 engineers across its Bengaluru and Noida offices. The Taiwanese firm on Friday launched the MediaTek Dimensity 8450, a 5G smartphone chip with eight Arm Cortex-A725 cores and an Arm Mali-G720 MC7 GPU. Jain outlined MediaTek's commitment to further investment in the Indian market and continued expansion of its engineering teams. The company views its Indian R&D centres as extensions of its global operations, enabling it to address multiple technology verticals from within the country. "In the near future, we'll have the number of engineers keep increasing with time because we are coming up with new innovations and the talent pool in India, the engineering strength in India is very, very good for us," he said.

The Print

3 hours ago

• The Print

Rupee recovers from two-month low level; settles 18 paise higher at 86.55 against US dollar

At the interbank foreign exchange, the domestic currency opened at 86.65 and traded in a narrow range of 86.55-86.67, before ending the session at its intra-day peak of 86.55 against the US dollar, registering a gain of 18 paise from previous closing level. A robust sentiment in domestic equity markets further supported the local unit, according to forex traders. Mumbai, Jun 20 (PTI) The rupee snapped its three-day losing streak and settled with a gain of 18 paise at 86.55 against the US dollar on Friday, buoyed by a massive inflow of foreign capital, retreating crude oil prices and a weakening greenback. The rupee had lost 30 paise to close at an over two-month low of 86.73 against the dollar on Thursday, logging a combined loss of 69 paise in the past three sessions. According to Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, the rupee gained on Friday but declined a little over 1 per cent this month so far, 'with a large portion of its decline occurring after Israel attacked targets in Iran last Friday'. Dilip Parmar, Research Analyst, HDFC Securities, attributed the rupee's resurgence to 'a revitalisation in the domestic stock markets and a subdued greenback, which receded following reports of President Donald Trump postponing a decision regarding an Iran strike'. Additionally, Parmar said, lower imported commodity prices lent additional buoyancy to the local rupee. 'In the near-term, the spot USD/INR pair faces resistance at 87.10 and finds support at 86.45. The overall bias for the USD/INR pair remains favourable,' he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.30 per cent lower at 98.60. In the domestic equity market, the 30-share BSE Sensex surged 1,046.30 points to settle at 82,408.17, while Nifty soared 319.15 points to 25,112.40. Brent crude, the global oil benchmark, declined 2.36 per cent to USD 76.99 per barrel in futures trade. Foreign institutional investors (FIIs) purchased equities worth Rs 7,940.70 crore on a net basis on Friday, according to exchange data. The latest weekly data released by the Reserve Bank of India on Friday showed India's forex reserves rose USD 2.294 billion to USD 698.95 billion during the week ended June 13. However, government data showed the country's eight core sectors' growth slowed down to 0.7 per cent, lowest in nine months, in May 2025 against 6.9 per cent in the same month last year. In April, the growth in output of these key infrastructure sectors were recorded at 1 per cent. PTI TRB HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

India Gazette

6 hours ago

• India Gazette

"Outdated, misinformed, and disconnected from reality," Amit Malviya slams Rahul Gandhi's claims on Make in India

New Delhi [India], June 21 (ANI): BJP leader Amit Malviya on Saturday hit back at Congress leader Rahul Gandhi's criticism of the 'Make in India' initiative, and said that India's manufacturing sector is growing strongly under Prime Minister Narendra Modi. Amit Malviya said India is now the world's second-largest mobile phone maker, growing from just 2 factories in 2014 to over 300 today. He added that the PLI scheme brought in Rs 10,905 crore in investments, with total production of Rs 7.15 lakh crore and exports of Rs 3.9 lakh crore, proving Rahul Gandhi's claims wrong. In a post on X, Amit Malviya wrote, 'Rahul Gandhi claims that manufacturing is collapsing under Modi's 'Make in India'. Let's bust the myths with facts. India is now the world's 2nd largest mobile phone producer. From just 2 mobile manufacturing units in 2014 to over 300 today. The so-called 'failed' PLI scheme, as labelled by Rahul Gandhi, has led to: Cumulative investments of 10,905 crore, Total production worth 7.15 lakh crore, Exports of 3.9 lakh crore, Electronics production value rose from 18,900 crore (FY14) to 4,22,000 crore (FY24).' 'Mobile phone exports surged 77-fold from 1,566 crore (2014-15) to 1.2 lakh crore (2023-24), 99.2% of mobile phones sold in India are now made in India, up from just 26% in 2014-15. Under the PLI scheme for electronics alone, 1,39,670 direct jobs have already been created. 1.8 lakh new companies were registered in 2023-24, marking a 16% increase over the previous year. Electronics exports hit USD 38+ billion in FY24-25, a 32% year-on-year increase. PLI allocations for electronics rose from 5,747 crore (FY24-25) to 8,885 crore (FY25-26) a clear signal of continued commitment,' the post reads. Malviya said that under PM Modi, India has transformed from an importer to a global manufacturing powerhouse. He said the government has approved major semiconductor projects worth Rs 1.52 lakh crore and that electronics production is expected to reach USD 300 billion by 2026. He dismissed Rahul Gandhi's criticism as outdated and said India is growing, building, and leading in the tech and manufacturing sectors. 'The government has approved landmark semiconductor projects worth 1.52 lakh crore, a critical leap into deep-tech manufacturing. Overall, electronics production is projected to reach USD 300 billion by 2026. Under PM Modi, India has transformed from an importer to a global manufacturing powerhouse. Rahul Gandhi's narratives are outdated, misinformed, and disconnected from reality. India is building. India is growing. India is leading,' the post further reads. Earlier in the day, the Leader of Opposition in Lok Sabha and Congress MP Rahul Gandhi criticized Prime Minister Narendra Modi saying that despite promises of a 'Make in India' factory boom, manufacturing in the country is at a record low and youth unemployment is very high. Gandhi questioned the effectiveness of the 'Make in India' initiative, highlighting that manufacturing in the country has fallen to a record low of 14 per cent of the economy since 2014. (ANI)