Shares of Cochin Shipyard Ltd. have hit the 5% upper limit for the second day in a row on Tuesday, November 26. Mazagon Dock Shipbuilders Ltd. and Garden Reach Shipbuilders & Engineers Ltd. are also performing well, with gains of 3% and 8%, respectively. These increases reflect a broader interest in defense stocks during Tuesday’s trading session.
JPMorgan has started coverage on three defense stocks: Bharat Electronics Ltd. (BEL), Hindustan Aeronautics Ltd. (HAL), and Mazagon Dock Shipbuilders Ltd. The brokerage has given an 'Overweight' rating to BEL and HAL, but a 'Neutral' rating to Mazagon Dock.
JPMorgan's price targets are:
- Bharat Electronics (BEL): ₹340, offering a potential 16% gain from Monday’s closing price.
- Hindustan Aeronautics (HAL): ₹5,135, a potential 20% gain but still below its earlier high of ₹5,674.
- Mazagon Dock: ₹4,248, which suggests only a 2% upside from Monday’s close.
Cochin Shipyard News:
Cochin Shipyard recently signed an agreement with Seatrium Letourneau USA for designing and supplying equipment for jack-up rigs in India. Despite making a record high of ₹2,979 in July 2024, its shares have fallen 54% since then and are currently trading at ₹1,431.
Performance of Other Stocks:
- Mazagon Dock: Hit a record ₹5,860 in July 2024 but has dropped 30% since, now trading at ₹4,308. Its market cap has fallen below ₹85,000 crore.
- Garden Reach Shipbuilders: After a record high of ₹2,833 in July 2024, the stock has declined 49% to ₹1,560. Its market cap stands at ₹16,574 crore.
Government Ownership:
- The government owns 84.83% of Mazagon Dock, higher than the required public shareholding limit.
- It holds 72.86% in Cochin Shipyard and 74.50% in Garden Reach.
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