Garden Reach Shipbuilders hits record high; spurts over 24% in five days

Garden Reach Shipbuilders & Engineers (GRSE) surged 8.63% to Rs 403.60, extending recent steep gains.

Shares of GRSE have surged 24.30% in five sessions. The stock hit a record high of Rs 430 in intraday today.

The stock had outperformed the market over the past one month, rising 31.60% compared with 1.4% decline in the Sensex.

The scrip outperformed the market in past one quarter, gaining 68.10% as against Sensex's 8.59% rise.

The scrip had also outperformed the market in past one year, climbing 105.15% as against Sensex's 1.39% fall.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.88. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 304.24, 275.66 and 260.12, respectively.

GRSE is a premier shipyard of India, under the administrative control of the Ministry of Defence, Government of India. It builds warships for the Indian Navy & Indian Coast Guard. As on June 2022, the Government of India held 74.50% stake in the company.

The company's net profit surged 90.5% to Rs 50.18 crore and revenue from operations increased by 90.6% YoY to Rs 579.77 crore in Q1 June 2022 over Q1 June 2021.

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