Cochin Shipyard stock soared 7% in the morning session after the defence company said it won a large order from a European client.

What Happened: Cochin Shipyard announced it won a large order from a European client to design and construct a hybrid service operation vessel (Hybrid SOV) with an option to build two more vessels. 

According to the company, a large order win is classified as having a value between ₹500 crore and ₹1000 crore. 

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The company said the vessel will have hybrid battery systems to improve energy efficiency and reduce carbon footprints. The vessel is designed for the service, maintenance and operational needs of the offshore wind farm industry in the European market. 

Cochin Shipyard's shares have jumped over 89% in the year so far and over 378% in the last year. 

In February, the company had bagged a ₹150 crore contract with the Indian Navy for Medium Refits of two naval vessels. The company will do dry docking, refit and equipment upgrades for the naval ships.

Price Action: Cochin Shipyard stock zoomed over 7% to ₹1,287.85 in the early morning session on Tuesday. 

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