The shares of Garden Reach Shipbuilders surged almost 7 per cent on the National Stock Exchange after receiving a letter of intent (LoI) from the Ministry of Defence.
The shares surges almost 7 per cent after ringing the opening bell at Rs 1,800.00 per share on NSE (National Stock Exchange). The stock touched a day high of Rs 1,870.00 per share on the NSE.
The stock has touched a 52-week high level of Rs 2,785.45 per share and recorded an all-time high level of Rs 2,833.80 per share on the NSE (National Stock Exchange) on July 5, 2024.
The stock was trading around Rs 1,799.30 per share on the national stock exchange (NSE).
The stock price of Garden Reach Shipbuilders has increased by almost 111.59 per cent since the year started. The stock's annual gain has exceeded 163 per cent.
New LoI
According to the company, the Naval Physical & Oceanographic Laboratory (NPOL), Ministry of Defence DRDO, Kochi, Government of India, has sent it the Letter of Intent. Design, development, construction, equipment integration, testing, certification, commissioning, and supply of one Acoustic Research Ship (ARS) are all included in the contract.
After the contract is signed, the project should be completed in 36 months.
Other contract wins
Garden Reach declared earlier this month that the Government of West Bengal's Transport Department had awarded it an order for 13 units. The units were 100-person (pax) hybrid electric ferries designed for cross-ferry operations. Additionally, 200-passenger twin-deck hybrid electric ferries were part of the order.
As part of the WBIWTLSD Project, the company will design, construct, run, and maintain the hybrid electric ferries. It is anticipated that the order, which is valued at Rs 226.18 crore, will be completed in 30 months.
In addition, the company had declared that it had secured a contract to build a fifth 7,500 deadweight tonne (DWT) multipurpose vessel (MPV). Carsten Rehder Schiffsmakler and Reederei, Germany, have an option agreement that includes the Garden Reach Shipbuilders order. A total of USD 108 million has been ordered for the construction of eight vessels.