Garden Reach Shipbuilders share price advanced 5 percent in the morning trade on Thursday after it received a $54-million order for the construction and delivery of four additional multi-purpose vessels from Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co.
Additionally, the company was upgraded from Schedule ‘B’ to Schedule ‘A’ CPSE by the Government, on September 18.
A sharp uptrend was witnessed in September 19 trade in shares of Garden Reach Shipbuilders. The stock jumped 5.58 percent in the early trade to hit an intraday high of Rs 1,812.95 per share on the NSE. At the time of filing, the stock was trading at Rs 1,771.85, up 3.19 percent at 9.38 am.
The stock has gained after three days of consecutive fall, opening with a gain of 5.41 percent today.
Garden Reach Shipbuilders shares have delivered multibagger returns of 132.05 percent in the last 180 days, as per data available on the BSE. In the last three years, the stock moved higher by 812.77 percent.
Garden Reach Shipbuilders & Engineers Ltd (GRSE) has termed the upgradation of its status as a "significant milestone," highlighting its "robust financial performance, operational efficiency, and contribution to national security." The upgrade is expected to bolster GRSE's senior management capacity, improving oversight and management of its business, the company stated.
In a stock exchange filing, GRSE announced that on 18th September 2024, it received confirmation from the customer to purchase and deliver an additional four Multi-Purpose Vessels under the existing terms and conditions.
The company will design, build, and deliver these vessels within 33 months from the original contract signing date. The deal does not involve any related party transactions.
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