Shares of Cochin Shipyard are up for the eighth straight day on Tuesday, extending Monday's 11 percent surge. Shares of its peer Mazagon Dock Shipbuilders are also up 4 percent in trade and are also advancing for the eighth day in a row.

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Cochin Shipyard's shares have gained nearly 20 percent over the last eight trading sessions. Since its 52-week low on June 20, the Cochin Shipyard's stock has risen nearly 90 percent. However, the company reported a weak operating performance for the March quarter.

Consolidated revenue for the March quarter halved from last year to Rs 600 crore, and the company also reported an operating loss of Rs 64 crore.

The stock crossed the 50-day daily moving average (DMA) of Rs 499 and 200-day DMA of Rs 502 on Monday. In market parlance, DMA is a technical indicator used by investors to analyse price trends.

Following today's gain the company's market capitalisation reached over Rs 7,400 crore.

Shares of shipbuilding companies gained after the media reports suggested that the National Security Advisor of India and the US Secretary of Defence met to discuss cooperation in the maritime defense sector. Reports also suggest that the order book of Cochin Shipyard is over Rs 21,400 crore, while that of Mazagon Dock is over Rs 40,000 crore.

Shares of Cochin Shipyard are trading 1.6 percent higher at Rs 567.10.