Garden Reach Shipbuilders & Engineers (GRSE) rallied 3.23% to Rs 1,694.15 after the company signed a memorandum of understanding (MoU) with PWD Nagaland for the supply of eight sets of double lane modular steel bridges in the state.
This landmark MoU marks the first-ever MoU between GRSE and a North Eastern state, aligning with the Government of Indias Make in India initiative for accelerated regional development.
In the past, GRSE has delivered modular bridges to the Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation (NHIDCL), apart from several state governments and friendly countries like Bhutan, Nepal, Myanmar, Sri Lanka, and Bangladesh. To date, GRSE has supplied over 5,800 modular bridges, it added.
State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into an engineering business with a product profile of prefabricated steel bridges, various deck machinery items, and assembly, as well as testing & overhauling of marine diesel engines. As of 31 December 2024, the Government of India holds 74.50% in the company.
The company's net profit climbed 11.26% to Rs 98.19 crore on a 37.69% rise in revenue from operations to Rs 1,271 crore in Q3 FY25 over Q3 FY24.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
