Garden Reach Shipbuilders & Engineers (GRSE) shares gained 4 percent in the morning trade on July 28 after the company announced the launch of an autonomous underwater vehicle (AUV).
The said AUV is lightweight and man-portable one that GRSE developed in collaboration with Aerospace Engineering Private Ltd. (AEPL) as an industry partner.
It has been designed to operate in a totally autonomous manner and its modular design enables it to carry out a variety of roles depending on the payload.
The AUV can be used for mine detection, anti-submarine warfare (ASW) training, underwater inspection, search and rescue missions or scientific exploration, the company said.
This is GRSE's first move towards the development of AUVs and it is planning to unveil its ship-based unmanned aerial vehicle (UAV) and unmanned surface vessel (ASV) by the end of the year.
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In May, the company entered into a contract with the Indian Navy for the supply of 10 30 mm Naval Surface Gun (NSG) with Electro Optical Fire Control System (EOFCS) and ammunition at a cost of Rs 248.51 crore.
At 10.13 am, Garden Reach Shipbuilders & Engineers was quoting at Rs 620, up Rs 13, or 2.14 percent, on the BSE.
The share touched a 52-week high of Rs 636.75 on July 11, 2023 and a 52-week low of Rs 250.40 on August 4. The stock is trading 2.63 percent below its 52-week high and 147.6 percent above its 52-week low.
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