Defense PSU GRSE shares surges 87% over 6 months, bagging multiple orders on trail

by Psu Connect
Date: 05-10-24
Ministry of Defence

The company bagged the order from the West Bengal government. The order is worth Rs 226.18 crore and has to be executed in 30 months from the effective date of entering into the contract.

New Delhi: The mid-cap Aerospace & Defence sector PSU, Garden Reach Shipbuilders & Engineers (GRSE), saw a slight increase of 0.04% in its shares on the BSE after the company secured multiple orders.

The last trading price of Garden Reach Shipbuilders & Engineers shares on the BSE is Rs 1658.55 per share. GRSE shares experienced a significant decline of 37.83% in the last 3 months but have surged by 89.9% year-to-date.

The company bagged the order from the West Bengal government. The order is worth Rs 226.18 crore and has to be executed in 30 months from the effective date of entering into the contract.

As per the BSE filing of GRSE dated October 4, 2024, "in terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "SEBI Listing Regulations"), we wish to inform you that the Company has received two letters of Acceptance of Award for Contract for Design, Build, Operation and Maintenance of Hybrid Electric Ferries under the WBIWTLSD Project, Transport Department, Government of West Bengal."

Earlier on October 3, 2024, "Garden Reach Shipbuilders & Engineers Ltd (GRSE) signed an agreement with M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG Germany on Thursday, October 03, 2024, for the construction and delivery of 5th Multi-purpose vessel (MPV) of 7,500 DWT.

This contract is in line with the 'Option Agreement' signed between both the parties, for procurement of four additional MPVs from GRSE. The shipyard will build a total of eight vessels (08) at an approx. the order value of 108 M USD."

The 52-week high price of GRSE shares on BSE is Rs 2834.60 per share (as of 05/07/2024) and the 52-week low price is Rs 648.05 per share (as of 26/10/2023).

Garden Reach Shipbuilders shares surged 86.86% in the last 6 months, rose 104% in the last 1 year, and rallied 346% in the last 2 years. GRSE shares surged 769% in the last 3 years.

The company's market capitalization stood at Rs 18,999.02 crore. Earlier this year, GRSE's Board recommended a final dividend of Rs 1.44 per equity share on May 22, 2024, and set September 13, 2024, as the record date.