Garden Reach Shipbuilders shines on inking MoU with Apollo Micro Systems
Garden Reach Shipbuilders & Engineers is currently trading at Rs. 1587.65, up by 47.75 points or 3.10% from its previous closing of Rs. 1539.90 on the BSE.
The scrip opened at Rs. 1559.85 and has touched a high and low of Rs. 1595.00 and Rs. 1535.70 respectively. So far 42741 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2834.60 on 05-Jul-2024 and a 52 week low of Rs. 674.25 on 13-Mar-2024.
Last one week high and low of the scrip stood at Rs. 1595.00 and Rs. 1393.60 respectively. The current market cap of the company is Rs. 18138.74 crore.
The promoters holding in the company stood at 74.50%, while Institutions and Non-Institutions held 5.57% and 19.93% respectively.
Garden Reach Shipbuilders & Engineers has signed a Memorandum of Understanding (MoU) with Apollo Micro Systems (AMS) to establish a strategic collaboration for the joint development and supply of Advanced Weapons and Electronic Systems on January 29, 2025.
The collaboration between the company and AMS shall focus on the joint research and development (R&D), co-production, and supply of various categories of Underwater Weapons & Vehicles, Underwater mines, Underwater Communication Systems and Air Defence Systems to address the current and further requirements of the Indian Defence forces, Paramilitary Forces, Police Organisations, Central & State Govt. agencies, the Civil Sector and export markets.
This collaboration will leverage the core strengths of both organizations on leveraging and enhancing manufacturing infrastructure for components and subassemblies of these systems. The MoU also encompasses modernization and upgradation of existing systems to align with evolving operational requirements. Through this partnership, the company reinforces its commitment to strengthening indigenous capabilities and supporting the Government of India’s Atmanirbhar Bharat initiative.
Garden Reach Shipbuilders & Engineers is a shipbuilding company in India under the administrative control of the MoD and primarily adhere to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.
