Pokarna, a company with a market cap of Rs 2,231 crore, has announced a strategic investment of Rs 440 crore aimed at fulfilling the increasing demand for premium quartz surfaces worldwide. This marks the launch of the company's third Bretonstone production line from Italy's Breton S.p.A., which will set new standards for capacity and environmentally friendly production. However, the stock saw a decline of 9.96% in early trade as equity benchmark indices dropped due to a combination of factors such as retail inflation, muted quarterly earnings, and weak global markets.
RVNL, a railway PSU, reached an all-time high of Rs 399.9 on the NSE after securing the lowest bid for construction of six elevated metro stations in Nagpur. The company's revenue for this quarter rose by 17.4%, with an increase in EBITDA and profit after tax. RVNL's shares have given a multibagger return of over 1,350% in five years and have gained over 250% in the past year. Business updates, stock market news, and personal finance coverage can be found on Zeebiz.com.
Cochin Shipyard has been on a major upward trend, with its stock rising significantly over the past month and year, resulting in a market cap of over 34,000 crore. However, with the stock recently entering the overbought zone, analysts are expecting a dip in the near future. Technical analysts believe the stock will continue to follow a "buy-on-dips" approach, with resistance levels at Rs 1375, Rs 1450, and Rs 1500. Meanwhile, derivatives and technical analysts are keeping a close eye on the Rs 1400 level, for potential selling pressure to be overcome and for a breakout to occur, leading to a price target of Rs 1550.