PM Modi inaugurates Cochin Shipyard’s hydrogen fuel cell ferry; stock jumps 6%

Shares of Cochin Shipyard rallied nearly 6% in intraday trade on Wednesday after Prime Minister Narendra Modi inaugurated the first indigenously developed and built hydrogen fuel cell ferry today. The PSU stock has witnessed a strong rally in the last one year, with the stock price hitting an all-time high of ₹944.65 on January 31, 2024, rebounding 360% from its 52-week low of ₹205.50 touched on March 27, 2023.

Snapping two sessions losing streak, Cochin Shipyard shares opened higher at ₹867.95, up 1.7% against the previous closing price of ₹867.95 on the BSE. Extending opening gains, the midcap stock rose as much as 5.9% to ₹904.40, while the market capitalisation rose to ₹23,080 crore. There was a spurt in volume trade as 2.1 lakh shares changed hands over the counter compared to two-week average of 0.8 lakh scrips.

In the last six months, shares of Cochin Shipyard trade have more than doubled, while it added nearly 29% in the calendar year 2024 (year-to-date). The counter has surged 288% in the past 12 months.

“February 28, 2024 will mark a remarkable day for India's new technology initiative, as first indigenously developed and built Hydrogen fuel cell ferry is set to be inaugurated by the Prime Minister Shri Narendra Modi,” Cochin Shipyard said in a BSE on Tuesday.

As per the company, India's commitment to a sustainable future aims for net zero emissions by 2070. “At the forefront of this endeavour is the adoption of green hydrogen as a maritime fuel. In line with the Government of India’s green vision, Cochin Shipyard has embarked on an ambitious endeavour to design, develop and construct India's first fully indigenous hydrogen fuel cell catamaran ferry vessel as a pilot project to demonstrate the technology for the maritime sector.”

The company said that fuel cell powered vessel have zero emission, zero noise and energy efficient which in turn reduce the effect of global warming. The inauguration of this project will provide impetus for using hydrogen in marine application as envisaged under National Green Hydrogen Mission and early adoption of hydrogen fuel cell technology in the marine sector will provide it a global competitive advantage where by meeting sustainable green energy aspiration of our nation for net zero emission, it added.

Meanwhile, PM Modi on Wednesday laid the foundation stone and dedicated to the nation multiple development projects worth more than ₹17,300 crore in Thoothukudi, Tamil Nadu. Apart from launching hydrogen fuel cell inland waterway vessel, the Prime Minister laid the foundation stone of Outer Harbor Container Terminal at V.O.Chidambaranar Port. He dedicated tourist facilities in 75 lighthouses across 10 states. He also dedicated to the nation, rail projects for doubling of Vanchi Maniyachchi-Nagercoil rail line including the Vanchi Maniyachchi - Tirunelveli section and Melappalayam-Aralvaymoli section. PM Modi also dedicated four road projects in Tamil Nadu, developed at a total cost of about ₹4,586 crore.