Garden Reach : Garden Reaching Shipbuilders & Engineers Ltd shares rose 6% in Thursday trading after the defence PSU earned an additional vessel order from a German company. The shipbuilder stated that it has received approval from a customer to purchase and deliver four additional multi-purpose vessels.
The order totals $54 million. On June 22nd, the firm informed the stock exchanges that it had signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany for the building and transportation of multipurpose boats, with a choice to build four more in the near future.
Following the development, the stock surged 5.47 percent to a high of Rs 1,811.20 on the BSE. With this, the stock has returned 102 percent in 2024 and 110 percent in the last year.
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Garden Reach Shipbuilders from ‘Schedule B’ to ‘Schedule A’ CPSE, the PSU announced on Wednesday
The government has elevated Garden Reach Shipbuilders from ‘Schedule B’ to ‘Schedule A’ CPSE, the PSU announced on Wednesday. This improvement of GRSE’s status will assist the company in strengthening its senior management capabilities, allowing it to better monitor and manage its activities.
This is a significant milestone for GRSE, proving its strong financial performance, efficiency in operations, and dedication to national security. The Department of Public Enterprises, Ministry of Finance, Government of India, officially announced this upgrade on its website on September 17, 2024,” said GRSE on Wednesday.
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