Shares of Garden Reach Shipbuilders & Engineers (GRSE) climbed 2.46 per cent to ₹1,802.80 at 12.33 pm on the BSE, after the company’s recent signing of a contract for the construction and delivery of a second 7,500 DWT Multi-Purpose Vessel (MPV) on December 4, 2024, in Hamburg, Germany.
According to a report, this contract is part of a larger order for four additional MPVs secured by GRSE on September 18, 2024. The company is expected to announce contracts for the remaining two vessels in due course.
GRSE, a state-owned enterprise, specialises in shipbuilding for the Indian Navy and Coast Guard. It has also expanded into the engineering sector, producing prefabricated steel bridges, marine deck machinery, and providing services for marine diesel engines. As of September 30, 2024, the Government of India holds a 74.50 per cent stake in the company.
The stock closed at ₹1,780.35up 1.18 per cent on the BSE.
(This article was written by an intern)