Garden Reach Shipbuilders soars on entering into non-binding MoU with M/s Merlinhawk Aerospace
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Garden Reach Shipbuilders & Engineers is currently trading at Rs. 2579.80, up by 121.20 points or 4.93% from its previous closing of Rs. 2458.60 on the BSE.
The scrip opened at Rs. 2420.10 and has touched a high and low of Rs. 2581.50 and Rs. 2380.00 respectively. So far 318174 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. 575.00 on 11-Aug-2023.
Last one week high and low of the scrip stood at Rs. 2619.00 and Rs. 2380.00 respectively. The current market cap of the company is Rs. 29463.35 crore.
The promoters holding in the company stood at 74.50%, while Institutions and Non-Institutions held 7.11% and 18.39% respectively.
Garden Reach Shipbuilders & Engineers has entered into non-binding memorandum of understanding (MoU) with M/s Merlinhawk Aerospace for Collaboration towards development of composite Doors and Hatches for use in Naval Ships, Counter UAV Solution using EDFCS along with CRN 91, EOIRST for Surveillance, Composite Masts for Indian Navy Ships and Hydrogen fuel cells based power generation for maritime applications.
The company has also entered into non-binding memorandum of understanding with M/s Kerala State Electronics Development Corporation (KELTRON) for establishing collaborative working arrangement towards development of core futuristic technologies in various fields to achieve self-reliance in certain areas of Under Water Surveillance. The financial impact of the aforesaid MoUs has not yet been ascertained.
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.
