Rs 23,739.59 crore order book: This multibagger shipbuilding company signs MoU with IRS on development of green energy and autonomous vessels; details inside!

The stock has delivered multibagger returns of over 100 per cent from its 52-week low and a whopping 300 per cent in 3 years.

Garden Reach Shipbuilders & Engineers Ltd (GRSE) and the Indian Register of Shipping (IRS) have reaffirmed their commitment to innovation, new technology adoption and sustainability with the signing of a Memorandum of Understanding (MoU) on the development of Green Energy and Autonomous Vessels, aimed at revolutionizing the maritime industry. The MoU was signed between DIG Subrato Ghosh, ICG (Retd), Director (Personnel), GRSE and Sri P.K. Mishra, Joint Managing Director, IRS, in the presence of Cmde PR Hari, IN(Retd), CMD, GRSE, Shri Arun Sharma, Executive Chairman IRS and other senior officials from GRSE & IRS.

The strategic partnership between GRSE, a leading shipbuilding company, and IRS, a premier classification society, underscores a shared commitment towards harnessing advanced technologies and expertise to address the evolving needs of the maritime sector. Through this MoU, both entities aim to pool their strengths and resources to drive innovation and excellence in vessel design and development.

The primary objective of the collaboration is to jointly pursue and execute contracts for the development of autonomous and green energy vessels, leveraging the complementary capabilities of GRSE and IRS. Under the scope of cooperation outlined in the MoU, IRS will provide specialized expertise and guidance towards the development of autonomous and green energy vessels, ensuring compliance with evolving safety standards and regulatory requirements.

GRSE, on the other hand, will benefit from the IRS's insights and recommendations in the vessel design and development process, enabling the integration of the latest industry standards and best practices. By harnessing IRS's classification expertise and GRSE's shipbuilding prowess, the collaborative effort seeks to deliver cutting-edge solutions that prioritize environmental sustainability, safety, and efficiency.

Under the Green Energy segment, GRSE has already launched a Next Generation (NG) Electric Ferry for the Government of West Bengal, that aims to replace diesel-engine run ferries with green platforms that use only batteries and solar power. As part of Autonomous systems development, GRSE in collaboration with start-ups has developed an Unmanned Surface Vessel (USV), ‘Swadheen’ to facilitate autonomous surveys, and an Autonomous Underwater Vehicle (AUV) ‘Neerakshi’ capable of carrying a variety of payloads required for roles like mine detection, ASW training, underwater inspection, search & rescue missions and scientific exploration. The signing of this MoU marks a significant milestone in the journey towards fostering innovation and sustainability in the maritime industry. IRS and GRSE are poised to drive positive change and propel India towards a greener and more technologically advanced future.

Order Book Updates: As of September 30, 2023, the company has an order book of Rs 23,739.59 crore. Out of the total orders outstanding, the P17 alpha order is Rs 13,132.46 crore, the survey vessel large is Rs 1,291.79 crore, anti‐submarine shallow watercraft is Rs 5,319 crore. Next-generation ocean-going petrol vessels are Rs 3,404 crore and of course, the naval surface guns are Rs 235 crore.  

Garden Reach Shipbuilders & Engineers Ltd is a premier shipbuilding company in India, operating under the administrative control of the Ministry of Defence. It primarily caters to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.

Today, shares of Garden Reach Shipbuilders & Engineers plunged 2.85 per cent to Rs 812 per share with an intraday high of Rs 834.60 and an intraday low of Rs 796.30. The stock’s 52-week high is Rs 973.95 and its 52-week low is Rs 398.75.

The stock has delivered multibagger returns of over 100 per cent from its 52-week low and a whopping 300 per cent in 3 years. Investors should keep a close watch on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.