Share Market Update: Strong rise in shares of Mazagon Dock and Cochin Shipyard, know why buyers are eyeing it…

Share Market Update: In the stock market, Nifty and Sensex have been declining for some time. Meanwhile, a growth of up to 5 percent has been recorded in two government companies involved in shipbuilding business, Mazagon Dock Ship Builder and Cochin Shipyard.

Investors' attention has once again turned towards defense PSU shares. There has been a decline in the defense PSU sector in the last few trading days. However, buyers became active once again on Tuesday.

5% upper circuit in Cochin Shipyard

On Tuesday, the shares of Cochin Shipyard opened at Rs 1,389 with a slight increase from its previous closing price, but after a few minutes the shares hit an upper circuit of 5 per cent.

Earlier on Monday, the company had announced that it has signed a Memorandum of Understanding (MoU) with Citrium Letourneau USA for the design and critical equipment of the jack-up rig. After which buyers have become active in this stock today.

Mazgaon Dock shares rose by more than 4% (Share Market Update)

At the same time, Mazagon Dock Shipbuilders, a company involved in shipbuilding business, has registered a rise of 4.35%, after which it was trading at the level of Rs 4,445.65.

The government has a huge stake in this company. International brokerage firm JP Morgan has started coverage on this stock. As of Monday, shares of Mazagon Dock were trading 28.73 per cent down from their 52-week high of Rs 5,859.95. JP Morgan had set a target price of Rs 4,248 for this share, which has been achieved today.