Cochin Shipyard share price jumped over 7% in early trade on Tuesday after the company was declared L1 bidder by the Ministry of Defence for the construction of five Next Generation Survey Vessels (NGSV) for the Indian Navy. The PSU defence stock surged as much as 7.27% to ₹1,575.00 apiece on the BSE.

The rally in Cochin Shipyard share price today comes after four consecutive sessions of losses. The gains in the PSU defence stock were also supported by strong trading volumes.

Around 22 lakh equity shares of Cochin Shipyard changed hands on stock exchanges on February 17, significantly higher than its one week average trading volume of 5 lakh shares, and one month average volumes of 10 lakh shares.