GRSE share price up 6% on securing contract worth Rs 491 crore from DRDO

GRSE share price: Shares of Garden Reach Shipbuilders & Engineers (GRSE) surged up to 5.94 per cent to hit an intraday high of Rs 1,870 per share on Monday, October 21, 2024. 

The rise in GRSE share price was fuelled by a Rs 491-crore order win from Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi.

In an exchange filing, GRSE said, “We wish to inform you that the Company has received letters of intent (LoI) of award for contract for design, development, construction, integration of equipment, testing, certification, commissioning & supply of One Acoustic Research Ship (ARS) from 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.

At the beginning of the month, GRSE secured two orders worth 226.18 crore for design, build, operation and maintenance of hybrid electric ferries under the WBIWTLSD Project, Transport Department, Government of West Bengal. 

About GRSE

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. 

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 20,778.59 crore, according to BSE. Meanwhile, GRSE’s 52-week range is Rs 648.05-2,834.60.

The company falls under the BSE SmallCap category.

At 12:32 PM, shares of GRSE were trading 2.85 per cent higher at Rs 1,815.45 per share. In comparison, BSE Sensex was trading 0.24 per cent lower at 81,027.43 levels.