Garden Reach shares jump 5%, hit record high on pact with German firm to build multi-purpose cargo vessels

Garden Reach share price has rallied a staggering 113 percent since the start of the year.

Shares of Garden Reach Shipbuilders & Engineers (GRSE) climbed percent as much as 5 percent to hit a fresh record high of Rs 3,521 in morning deals on Thursday after the defence PSU announced fresh global collaborations aimed at expanding its presence beyond military platforms.

In a regulatory filing, GRSE said it has entered into a memorandum of understanding (MoU) with Hamburg-based Carsten Rehder for the potential construction of four multi-purpose cargo vessels. The final contract is expected to be signed by August 31. These 7,500 DWT (deadweight tonnage) vessels will be in addition to the eight currently under construction at GRSE’s Kolkata facility.

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The new ships will come equipped with hybrid propulsion systems and adhere to the latest cybersecurity protocols, signalling a push by GRSE to align with global standards in commercial shipbuilding.

This is part of a broader strategy by GRSE to diversify beyond defence shipbuilding. The company has signed multiple memoranda of intent and understanding with international partners in recent months, underlining its ambition to tap into the commercial and offshore vessel segments.

In another key tie-up, GRSE has inked an MoU with Aries Marine, a UAE-based engineering and design consultancy that specialises in offshore platforms and vessels. The collaboration will enable GRSE to leverage Aries Marine’s platform designs and execute construction at its Indian yards, expanding its footprint in the global offshore segment.

At about 11 am, shares of the company were trading at Rs 3,470, higher by 3.5 percent from the last close on the NSE. Garden Reach share price has rallied a staggering 113 percent since the start of the year.

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