
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.
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India Gazette
an hour ago
- India Gazette
Indian Oil quadrupled fuel supply for armed forces during Operation Sindoor: Senior official
By Shafali Nigam Port Blair (Andaman and Nicobar) [India], June 12 (ANI): Indian Oil ensured seamless fuel supply to the Indian armed forces during Operation Sindoor from Andaman and Nicobar Islands, which went up at least four times, said Rakesh Kumar, Chief Terminal Manager (CTM) of Indian Oil Corporation (IOC). 'During Operation Sindoor, the demand from defence has gone up at least four times, and we were there to supply the product just as I told you earlier. We positioned our vessels from Paradip and Haldia refineries and met their demands just in time,' Indian Oil Corporation CTM said. Mentioning the demand during Operation Sindoor, he said, 'In case of need, just like a few months back, at the demand of the Indian Navy, we positioned our vessels from Paradip refinery and Haldia refinery at a notice of just three days.' Indian Oil demonstrated its strategic preparedness and operational efficiency and played a pivotal role in ensuring uninterrupted fuel supply during Operation Sindoor, the official said, adding that despite a fourfold increase in fuel demand from defence establishments, the state-owned oil PSU successfully met requirements by mobilising vessels from its mainland refineries within days. 'We have a very high level of good coordination with defence, almost on a daily basis. Since they are taking products from us, they have requirements. We interact with them on a weekly basis, and we hold meetings with their supply department as well,' he said about coordination with defence and security agencies in fuel supply or infrastructure planning. During a field visit to the Indian Oil POL Terminal in Port Blair, organised by the Ministry of Petroleum & Natural Gas for the press, when asked if there are any protocols in case of an emergency situation, Kumar said, 'In case of need, just like a few months back, at the demand of the Indian Navy, we positioned our vessels from Paradip refinery and Haldia refinery at a notice of just three days.' 'We are at the smart terminal of Indian Oil. Here, we have a tanking of 27,000 KL. We are dealing with four products over here, which are petrol, diesel, low-sulphur HFHSD and HSD,' he added. In response to the questions on emergency protocols in place for fuel shortages or natural disasters like cyclones or tsunamis, he said, 'We have emergency protocols. Sufficient tankage is there. On average, we have 25 days of coverage for all the products.' He said the state-run oil major is planning to expand services or upgrade existing infrastructure in the Andaman and Nicobar Islands. 'We have plans. This terminal is a 27 TKL terminal and a POL terminal. We have requested one more station and we are in an advanced stage of getting new land in Hope Town, where our bottling plant is situated,' he added. Speaking with ANI, V. Ranganathan, Chief General Manager from West Bengal State Office and Port Blair said, 'Port Blair is one of the unique locations where a lot of challenges are there with respect to logistics, as well as product availability.' (ANI)


India Today
2 hours ago
- India Today
Crippled by Op Sindoor strikes, Pak eyeing Germany for air defence upgrades
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India.com
2 hours ago
- India.com
India Won Operation Sindoor – But What Does The Army Want Next, And Who Poses The Greatest Threat?
New Delhi: India crushed Pakistan's assault during Operation Sindoor. But after the dust settled, something more alarming came into view. China was not sitting on the sidelines. It was pulling strings from behind the curtain. Indian radars picked up Chinese-made jets in Pakistani skies. Chinese missiles were used to target Indian bases. Beijing was deeply involved. That means India was not fighting just Pakistan. India was up against two enemies at once. Military officers have sounded the alarm. They want India's defence budget raised to 2.5% of the Gross Domestic Product (GDP). Right now, the defence allocation stands at just 1.9%. A huge portion of that money goes into salaries and pensions. Only a quarter of it helps modernise the military. This cannot continue. Not when two hostile neighbours are preparing for something bigger. China has been pumping weapons into Pakistan. In the May 7-10 clashes, Pakistan deployed Chinese J-10 jets and HQ-9 missile systems. Beijing has promised to send more – stealth fighters, long-range air defence weapons and new-generation drones. China is flooding Pakistan with cutting-edge military tools. Pakistan's economy is in crisis. But even then, Islamabad raised its defence budget by 20%. It cut development. It ignored debt. It focused on weapons. India must respond, believe experts, arguing that it is time for total self-reliance in defence production. India must build fighter jets, drones, loitering munitions and missiles on its own. The private sector must step in. Half-measures will not do. Half-prepared armies lose wars. India's Advanced Medium Combat Aircraft (AMCA) project has started moving. But it must move faster. Tejas took decades. The same mistake cannot happen again. The Indian Air Force is short on fighter squadrons. It has just 30. The target is 42.5. Drones are the new face of war. Swarm drones. FPV kamikaze drones. Loitering drones. India needs all of these, and it needs them in bulk. No country will come to India's rescue in a full-scale war. India must stand on its own. During Operation Sindoor, India used Russian S-400s, Israeli Barak-8s and its own Akash missiles. These systems intercepted and neautralised many Pakistani drone and missile attacks. But more layers are needed. DRDO must now accelerate two things – short-range air defence systems and long-range strike missiles like Project Kusha. Military reform is also crucial. India has a huge army. It must cut unnecessary spending. It must remove red tape from weapons procurement. And it must create joint theatre commands that allow the Army, Navy and Air Force to fight as one. A senior military commander put it bluntly. India is now staring at a superpower that is feeding a hostile neighbour. Pakistan may fire the bullets. But China is loading the gun. India cannot look away anymore. The next battle may not wait for long.