Shipbuilding stocks in focus; Garden Reach, Mazagaon Dock hit record highs

As reported by Business Standard, the political and economic uncertainties in Sri Lanka and the congestion at the Colombo port are forcing more ships to turn towards Indian ports in recent months.

Shares of shipbuilding & allied services companies are in focus as they rallied up to 14 per cent on the BSE in Tuesday’s intra-day trade on expectations of strong earnings. These companies are likely to report highest ever turnover for the financial year 2021-22 (FY22).

In intra-day trade, Garden Reach Shipbuilders & Engineers Limited (GRSE) (up 14 per cent to Rs 307.45) and Mazagon Dock Shipbuilders (up 8 per cent to Rs 326.90) hit their respective record highs on the BSE in an otherwise weak market. Cochin Shipyard rallied 6.5 per cent to Rs 354.95. In comparison, at 01:11