Cochin shipyard today opened 4% lower and was expected to trend still lower close to the floor price of 1540.
But the dip was bought out and the stock price remains firm. this may be because the stock has already corrected 40% from all time high.
If one is willing to buy for Rs 2 lakh and above amount , one can bid @1540 and above. Chances of getting is higher – though it would depend upon once again on demand and supply position.
That would also be true for retail tomorrow when the floor price is fixed.
However , i would take the OFS ahead of Q2 results with a pinch of salt.
Normally shipping companies may or may not be able to deliver the same growth rate QoQ or YoY due to the nature of the business , though it may be a good long term investment.
Discl : invested from lower level and as of now it is my long term idea. it is not a buy sell recommendation.pl do your own assessment before buying
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