Knowledge Marine share price witnessed strong volatility in morning trade on Monday, 21 September, even as the company announced the receipt of a work order from Mumbai Port Authority. Shares of Knowledge Marine and Engineering Works opened at ₹2,990 against their previous close of ₹2,887.20 and jumped 5.1% to an intraday high of ₹3,034.85. However, the stock failed to hold altitude and dropped 1.6% to an intraday low of ₹2,840.80 due to profit booking. Around 11 am, the stock was 0.67% down at ₹2,867.85.
Knowledge Marine work order update
In an exchange filing on 19 September, Knowledge Marine and Engineering Works said it had secured its third green tug contract from Mumbai Port Authority, one of the Major Ports of India.
The contract, valued at approximately ₹279.33 crore (including taxes), involves the construction and hire of a battery-operated Green Tug for a 15-year tenure.
With this order, the company has further strengthened its presence in India’s emerging green tug segment, having won three green tug contracts from major ports in a relatively short period. The company said these contracts represent its growing portfolio of next-generation marine assets with long-term operating commitments.
Knowledge Marine share price trend
The stock has been on a bullish uptrend lately. Over the last six months, it has jumped over 85%, while over the last one year, it has delivered multibagger returns of nearly 130%, hitting a 52-week high of ₹3,221.95 on 7 September. The stock dropped to its 52-week low of ₹1,083.83 on 7 October last year.
Knowledge Marine shares- Can they rise further?
Technical experts underscore that the stock has been on a strong uptrend of late.
According to Aditya Thukral, founder and analyst at AT Research and Risk Managers, the Knowledge Marine stock price is in a clear uptrend with the formation of higher highs and higher lows and has been trading within the rising channel.
Thukral underscored that after a sharp correction from hitting all-time highs and bouncing from the supports, it suggests that the uptrend is still intact. The prices may spend some time around the 20-day and 50-day EMA and are expected to make fresh all-time highs.
“The dips in the stock will be a buying opportunity until the stock is closing above ₹2,570. Existing investors should continue to hold the stock with ₹2,570 as a closing stop loss, and fresh longs can also be executed in the range of ₹2,700 to ₹2,750 with the same stop loss, expecting the stock to have the potential to test ₹3,175,” said Thukral.
Vipin Kumar, AVP-Research at Globe Capital Market, said following initial underperformance after its listing in the secondary market, the stock is moving higher in a pattern of higher highs and higher lows while holding strong above its short-term as well as long-term moving averages on the chart.
“Considering its current chart structure, we suggest adding long positions in a staggered manner on dips in the ₹2,300 – ₹2,500 range from a medium-term perspective,” said Kumar.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
