Garden Reach Shipbuilders secures ₹840 Crore order

18 Jul 2024 , 11:04 AM

Garden Reach Shipbuilders’ shares recovered from the day’s lows after receiving an order for ₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), under the Ministry of Earth Sciences.

The order is for the construction and delivery of one Ocean Research Vessel, and it must be completed within 42 months, Garden Reach stated in an exchange filing.

This is the third order the company has secured in the last month. On July 1, it reported that it has signed a $21 million contract with the Government of Bangladesh to build an innovative ocean-going tugboat.

On June 22, the business inked a deal with M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co. to build and deliver four multipurpose vessels with a DWT of 7,500 each. The order was valued at $54 million.

Yesterday, Garden Reach was included in the Defence Ministry’s fifth positive indigenisation list of 346 products. The list contains 346 items, including strategically essential line replacement units, systems, and subsystems.

Garden Reach’s share price has nearly tripled by 2024, with gains of nearly 200%. The stock has moved in tandem with its counterparts, Mazagon Dock Shipbuilders and Cochin Shipyard, whose shares have increased by 150% to 300% so far in 2024.

At around 10.49 AM, Garden Reach Shipbuilders was trading 0.82% lower at ₹2,541.65 per piece, against the previous close of ₹2,562.55 on NSE. The counter touched an intraday high and low of ₹2,618, and ₹2,442.85, respectively.

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