 "GRSE share price rises 4% on securing order worth Rs 491 crore from NPOL")
GRSE share price: Shares of Garden Reach Shipbuilders & Engineers (GRSE) rose up to 4.16 per cent to hit an intraday high of Rs 1,613.90 per share on Wednesday, October 30, 2024.
The spike in GRSE share price was fuelled by a Rs 490.98-crore order win from Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi.
GRSE, via an exchange filing said, “We wish to inform you that the Company has signed Contract for design, development, construction, integration of equipment, testing, certification, commissioning & supply of One Acoustic Research Ship (ARS) for Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi.”
Under the terms of the order, GRSE will be responsible for design, development, construction, integration of equipment, testing, certification, commissioning & supply of One Acoustic Research Ship (ARS).
The order is expected to be delivered within 36 months from signing of the contract, GRSE said in a statement.
Garden Reach Shipbuilders & Engineers Ltd (GRSE) is among the leading Indian shipyards located in Kolkata, specialising in the construction and repair of naval and commercial vessels.
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Operating under the Ministry of Defence, GRSE primarily caters to the needs of the Indian Navy and Coast Guard, building an impressive array of vessels such as warships, frigates, and anti-submarine warfare corvettes, alongside various support ships like fleet tankers and landing ship tanks.
Established originally as the Garden Reach Workshop during World War II, GRSE has a rich history of constructing and repairing over 4,000 naval and merchant vessels.
With a strong track record of producing more than 785 platforms, including over 100 warships for the Indian Navy and Coast Guard, the shipyard is now focused on expanding its global footprint.
The market capitalisation of GRSE is Rs 18,249 crore, according to BSE. Meanwhile, GRSE’s 52-week range is Rs 674.25-2,834.60.
The company falls under the BSE SmallCap category.
At 10:59 AM, shares of GRSE were trading 3.33 per cent higher at Rs 1,685 per share. In comparison, BSE Sensex was trading 0.27 per cent lower at 80,151.41 levels.