Shares of Garden Reach Shipbuilders and Engineers rose over 4 percent after the company secured an order worth Rs 491 crore to design an Acoustic Research Ship for the Defence Research and Development Organisation (DRDO).
At 11:20 AM, Garden Reach shares traded 3 percent higher at Rs 1,596, marking an impressive 83 percent gain year-to-date, significantly outperforming the Nifty 50, which increased by 13 percent during the same period. This rise on October 30 marked the third consecutive session of gains for the company, though it has experienced negative monthly returns from August to October.
On October 29, Graden Reach announced that it received a Letter of Intent from the Naval Physical and Oceanographic Laboratory (NPOL), part of the Ministry of Defence in Kochi. This contract involves the design, development, construction, integration of equipment, testing, certification, commissioning, and supply of one Acoustic Research Ship (ARS).
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The project is expected to be completed within 36 months from the signing of the contract and does not involve any related party transactions.
Garden Reach specialises in building warships for the Indian Navy and Coast Guard, producing a variety of vessels including frigates, corvettes, landing ship tanks, patrol vessels, and fleet tankers. The company also provides ship repair services for both defence and commercial sectors.
Incorporated in 1934, Garden Reach became a public company in 2017 and operates under the administrative control of the Ministry of Defence.
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