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GRSE Shares Rocket 9% After Bagging ₹448 Cr Export Order

Published 24-06-2024, 09:40 am
© Reuters.  GRSE Shares Rocket 9% After Bagging ₹448 Cr Export Order

Benzinga - Shares of Garden Reach Shipbuilders (NS:GRSE) & Engineers (GRSE) were flying on Monday morning going up over 9% to hit an intraday high of ₹1,797.

What Happened: The Kolkata-based shipbuilding company has secured a contract to construct and deliver four multi-purpose vessels, each with a capacity of 7,500 deadweight tonnage, The public sector firm announced on Saturday.

The contract was awarded by Carsten Rehder Schiffsmakler and Reederei, a prominent German shipbuilding entity.

The contract encompasses the design, construction, and delivery of these vessels, each designed to carry up to 7,500 metric tonnes of cargo. Specifically, the vessels are tailored to transport multiple large windmill blades on their decks. Valued at approximately $54 million (around ₹448 crore), the contract is expected to be completed within 33 months.

The order helped the stock jump back into the green after three days. Shares of the defence major have experienced a robust bull run at the bourses. Over the past six months, the stock has surged by more than 100%. The company boasts a strong order book valued at around ₹22,792 crore.

Price Action: GRSE’s share price was up 8.95% to trade at ₹1,791.40 shortly after market open on Monday.

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Read the original article on Benzinga

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