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As per its filing, the business also entered into a memorandum of intent with Carsten Rehder Schiffsmakler und Reederei.
Defence stocks witnessed a rally despite a dim market sentiment, adding over 1% in Nifty India Defence index. This marks a third straight session of gains.
The company also stated that it plans to expand its shipbuilding capacity from 24 to 28 ships by the end of FY 2025.
The company said that for FY25, its board of directors recommended a final dividend of ₹4.90 per equity share.
Here are some of the stocks that may see significant price movement today: Bharti Airtel, Garden Reach Shipbuilders, etc.
This collaboration supports Government of India initiative of 'Aatmanirbhar Bharat' that promotes indigenous manufacturing-led self-reliance in strategic areas including shipbuilding.
Execution timeline for the project has been fixed at 26 months from the date of signing of agreement.
Each MPV will measure 120 meters long, 17 meters wide, and have a maximum draft of 6.75 meters, with a cargo capacity of 7,500 tonnes.
The estimated total cost of the project is ₹123.97 crore and includes 15% for any increase of work, additional repairs and spare parts during the refit period.
Garden Reach Shipbuilders Ltd declared a record-high interim dividend of ₹8.95 a share
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