GRSE bags ₹840 Cr order from National Centre for Polar and Ocean Research

KOLKATA : State-run Garden Reach Shipbuilders saw shares recover from the lows of the day after the company bagged an order worth ₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), which works under the Ministry of Earth Sciences.

The order pertains to the construction and delivery of one Ocean Research Vessel and the order needs to be executed in the next 42 months, Garden Reach said in an exchange filing.

This is the third order that the company has won in the last one month. On July 1, it had announced that it had signed a contract for construction of an advanced ocean going Tug for the Government of Bangladesh worth $21 million.

On June 22, the company had signed a contract for the construction and delivery of four multipurpose vessels for 7,500 DWT each with M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co. That order was worth $54 million.

Earlier in the day, Garden Reach was also part of the Defence Ministry’s fifth positive indigenisation list of 346 items. Among the 346 items that are part of the list include strategically-important line replacement units, systems and sub-systems.

Shares of Garden Reach Shipbuilders have recovered more than 5.5% from the lows of the day to trade with gains of 3.5% at ₹2,576.9. The stock has risen 40% over the last one month.

For 2024, shares of Garden Reach have nearly tripled in value with gains of nearly 200%. The stock has move in tandem with its peers Mazagon Dock Shipbuilders and Cochin Shipyard, whose shares have also gained between 150% to 300% so far in 2024.