Shares of Cochin Shipyard gained over 3% in early session today after the company said it won a contract from Norway ASKO Maritime AS for constructing two autonomous electric ferries with an option to build two more such ships.

The largest commercial shipbuilder in India said it has signed contracts for construction and supply of two Autonomous Electric Ferry for ASKO Maritime AS, Norway with an option to build 2 more identical vessels.

The stock has risen 3.33% in the last 2 days. Cochin Shipyard stock today touched an intraday high of Rs 339, rising 3.69% against the last closing of Rs 326.95. The stock opened at 332 and also fell earlier to an intraday low of Rs 328.70 on BSE.

Cochin Shipyard shares are trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock price of Cochin Shipyard has risen 2.74% in one week and 18.34% in one month. Market capitalisation of the firm stood at Rs 4,396 crore.

As per the filing, the vessels will be managed by M/s. Massterly AS, the first company set up to take technical management and operate autonomous vessels, a joint venture between M/s. Kongsberg, the world leader in autonomous technology and M/s. Wilhelmsen, one of the largest Maritime shipping companies. Once in operation, this vessel will create a new benchmark for the merchant shipping world in the field of Autonomous Vessels with Zero Carbon Emission.

The company said the 67 Mtr long vessels will initially be delivered as a Full-Electric Transport Ferry, powered by 1846 kWh capacity battery. After commissioning of autonomous equipment and field trials in Norway, it will operate as a fully autonomous ferry of ASKO that can transport 16 fully loaded Standard EU trailers in one go across the fjords.