Multi bagger Defense stock GRSE shares to gain focus, surges 110% in a year

Shares of Garden Reach Shipbuilders & Engineers are making headlines after the company announced that it has signed a contract for the construction and delivery of the second ship in a series of four additional 7,500 DWT (deadweight tonnage) multi-purpose vessels to be built in Germany. In September, the company secured an order for the construction and delivery of all four additional multi-purpose ships, each with a capacity of 7,500 DWT.

Despite the news, the stock of Garden Reach Shipbuilders closed 0.96% lower on Thursday, finishing at Rs 1,759.60, compared to the previous close of Rs 1,776.70 on the Bombay Stock Exchange (BSE). The company's market capitalization stands at Rs 20,156 crore. Approximately 0.93 lakh shares changed hands on the BSE, generating a turnover of Rs 16.44 crore.

The stock has performed remarkably well, climbing 110% over the past year and increasing by 242.53% over the last two years. However, it has experienced significant volatility, with a one-year beta of 1.5. Notably, shares of Garden Reach Shipbuilders fell to their 52-week low of Rs 674.25 on October 26, 2023.

From a technical perspective, the relative strength index (RSI) for Garden Reach Shipbuilders currently stands at 63.4, indicating that the stock is neither in the overbought nor oversold territory.

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GRSE bagged an Order for the Construction and delivery of Additional four (04) Multi-Purpose Vessels of 7,500 DWT each.

According to the exchange filing made, the Company has signed a Contract for the construction and delivery of second ship from series of the four additional vessels 7500 DWT Multi-Purpose Vessels (MPV) on 04 Dec 2024 in Hamburg, Germany. The contracts for the remaining two vessels will be communicated as and when the respective contracts are signed.

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