Shares of Garden Reach, Mazagon Dock and Cochin Shipyard were trading in the green even as the broader market was experiencing a correction on Tuesday.

What Happened: The surge today comes as the stocks have remained under pressure over the past few months. All the stock trades around 20%-45% lower than the all-time highs they hit earlier this year.

Mazagon Dock shares currently trade around 23% lower than its all-time high of ₹5,860 achieved in July this year. GRSE’s share price is down 36% from its peak of 2,833.80 in July. Cochin Shipyard’s shares have sunk around 44% from its all-time high of 2,979.45, which it hit in July.

Today, Garden Reach shares jumped up close to 6% to hit an intraday high of ₹1,838. Mazdock’s share price also surged around 6% to hit an intraday high of ₹4,600. Cochin Shipyard’s share price raced close to 3% to hit an intraday high of ₹1,688.

While the reason behind the outperformance today is not immediately clear there have been reports of some development in India’s shipbuilding efforts. The India-Russia working group on cooperation in the Northern Sea Route (NSR) held its inaugural meeting in New Delhi on October 10, the Times of India reported.

The meeting explored targets for Indian-Russian cargo transit along the NSR, joint initiatives in Arctic shipbuilding, and potential training programs for Indian sailors in polar navigation. Additionally, the group worked on drafting a memorandum of understanding between the Indian and Russian governments to enhance cooperation in cargo shipping through the NSR waters.

Earlier in the month, media reports suggested that the Indian government has approached two shipbuilders — one state-owned and the other private — to construct four non-nuclear icebreaker ships, with an estimated value of over ₹6,000 crore, for Russia’s state-owned nuclear energy company, ROSATOM.

Price Action: GRSE’s share price was up 5.56% to trade at ₹1,792.50. Mazdock’s share price was up 5.15 to trade at ₹4,499.15. Cochin Shipyard shares were up 2.44% to trade at ₹1,662.

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