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Garden Reach Shipbuilders gains on securing $12.7 mln deal

Capital Market 

Garden Reach Shipbuilders & Engineers rose 2.16% to Rs 198.35 after the company signed a contract with the Government of Guyana to build a passenger and cargo ship for $12.7 million.

The company secured a contract from the Transport and Harbours Department, Ministry of Public Works, Government of Guyana, for designing, construction and supply of an ocean-going passenger and cargo vessel at the cost of $12.7 million.

Garden Reach Shipbuilders & Engineers is one of India's leading shipyards, located in Kolkata, West Bengal. It builds and repairs commercial and naval vessels.

The company posted 11.5% drop in net profit to Rs 52.23 crore on a 37.9% fall in net sales to Rs 272.44 crore in Q2 FY21 over Q2 FY20.

In the past one year, the stock has declined by 6.39% while the benchmark S&P BSE Sensex has added 18.17% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, January 14 2021. 13:35 IST