Garden Reach Shipbuilders & Engineers (GRSE) rose 2.80% to Rs 1,571.90 after the company entered into a non-binding memorandum of understanding (MoU) with SWAN Defence and Heavy Industries to enhance indigenous commercial shipbuilding capabilities.
This non-exclusive partnership aims to support the national vision of Aatmanirbhar Bharat by jointly constructing commercial vessels and offshore structures. The collaboration will focus on global markets, sharing infrastructure, optimizing costs, and fostering strong vendor development and employment in the sector.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.
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