Stock exchanges seek clarification from GRSE on MoU with France-based Naval Group over surface ships

The MoU is in regards to collaborate on surface ships.

Sep 14, 2021 01:09 IST India Infoline News Service

Garden Reach Shipbuilders and Engineers have won a contract worth Rs2,435cr from the Ministry of Defence.
Garden Reach Shipbuilders & Engineers (GRSE) stock was in a volatile session on Tuesday after reports stated that the company has signed a memorandum of understanding (MoU) with France-based Naval Group to collaborate on surface ships.

Stock exchanges sought clarification from the company over a news article in BusinessLine titled "Garden Reach Shipbuilders signs MoU with France s Naval Group to collaborate on surface ships."

A reply from the company is awaited.

As per the news article, the MoU will enable them to offer high-end surface ships based on sea proven ‘Gowind’ design developed for the export market.

At around 1.30 pm, GRSE was trading at Rs193.10 per piece down 0.3% on Sensex.

The stock has touched an intraday high and low of Rs194.95 per piece and Rs192.50 per piece respectively. 

Related Story

Open Free Demat Account (Rs699)