Rs 23,739 crore order book and FIIs increase stake: This multibagger shipbuilding company signs MoU to develop Electric Tugs; bags new order worth Rs 840 crore!
Shares of the company have gained about 80 per cent in the last six months.
Garden Reach Shipbuilders & Engineers Limited (GRSE) has partnered with Shift Clean Energy, Seatech Solutions International, and ABS to develop electric tugs named E-VOLT 50. These tugs aim to reduce carbon emissions, improve operational efficiency, and set new standards for performance and environmental sustainability. GRSE will build the tugs based on Seatech's design, with Shift providing energy storage and ABS ensuring compliance with regulatory standards. This collaboration marks a significant step towards a greener future for the maritime sector.
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GRSE's order book as of September 30, 2023, stands at Rs. 23,739.59 crores. This includes four projects for the Indian Navy, consisting of 19 warships. The company also has orders from the Government of Bangladesh, the Government of West Bengal, and the DRDO. GRSE has recently received a Letter of Intent from the Ministry of Earth Sciences for an Oceanographic Resource Vessel. The three P17 Alpha ships under construction for the Indian Navy have been launched and are undergoing outfitting.
Recently, Garden Reach Shipbuilders & Engineers received a letter of intent from the National Centre for Polar and Ocean Research (NCPOR) for the construction and delivery of an ocean research vessel. The total contract value is approximately Rs 840 crore, including taxes.
Garden Reach Shipbuilders & Engineers Limited is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.
The stock has delivered multibagger returns of about 300 per cent in the last three years. Additionally, FIIs increased their stake in the company in September 2023.
Disclaimer: The article is for informational purposes only and not investment advice.
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