Mazgoan Dock, Garden Reach & Cochin Shipyard Shares Rebound After Plunge Post Bearish Report

The stocks of some of the major shipbuilding companies have made a comeback at Dalal Street. The shares of Mazagon Dock Shipbuilders Ltd, Garden Reach Shipbuilders & Engineers Ltd and Cochin Shipyard Ltd. entered the green territory.

Shipping Shares In Green

This comes after only one trading session of reds, when these shipbuilding stocks saw a monumental drop in their value following a bearish report from ICICI Securities.

Starting with the largest shipbuilding company in the country, Cochin Shipyard, gained an impressive 3.59 per cent or Rs 74.40, taking the Kochi-based entity's share value to Rs 2,148.80 per share.

When it comes to the Kolkata-based Garden Reach Shipbuilders & Engineer, it also saw its shares rise by 3.20 per cent or Rs 56.90, taking the overall value of the share to Rs 1,832.95 per share.

When we come to the Mumbai-based Mazagon Dock Shipbuilders, the company saw its shares jump by a gargantuan 6.94 per cent or Rs 298.45. With this, the overall value of the NSE-listed shares jumped to Rs 4,598.00 per share.

The aforementioned bearish report from ICICI Securities downgraded the stock's outlook significantly.

The company had raised concerns about the stock being overvalued. In addition, it also predicted a potential downside of up to 77 per cent.

The markets at large have had a lukewarm day. The marque indices are trading with marginal distinction compared to yesterday's closing.

The Indian Indices In a Mix

The BSE Sensex was trading in red, with a decline of 0.11 or 90.74 points. The day's trade so far has been marked by significant ups and downs, taking the value of the index to 80,712.12 points.

The situation is not very different at the Nifty end. The NSE Nifty also traded with marginal gains. Nifty gained 0.073 per cent or 18.15 points. The value of the index stood at 24,717.00. The index also observed deviations in the day's trade.