Garden Reach soars on signing MoU with Shift, Seatech, ABS to develop Electric Tugs E-VOLT 50
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Garden Reach Shipbuilders & Engineers is currently trading at Rs. 826.40, up by 21.35 points or 2.65% from its previous closing of Rs. 805.05 on the BSE.
The scrip opened at Rs. 814.95 and has touched a high and low of Rs. 838.00 and Rs. 806.45 respectively. So far 17810 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 973.95 on 08-Sep-2023 and a 52 week low of Rs. 390.70 on 26-Dec-2022.
Last one week high and low of the scrip stood at Rs. 838.00 and Rs. 767.25 respectively. The current market cap of the company is Rs. 9499.80 crore.
The promoters holding in the company stood at 74.50%, while Institutions and Non-Institutions held 9.30% and 16.20% respectively.
Garden Reach Shipbuilders & Engineers (GRSE) has signed a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) to develop Electric Tugs E-VOLT 50. The EVOLT 50 aims to reduce carbon emissions, improve operational efficiency, and set new benchmarks for performance and environmental sustainability in the tugboat industry.
GRSE which has established itself as a leading defence shipyard in the country, will build the platform based on the design by M/s Seatech with M/s Shift providing the energy storage and ABS would ensure that the construction and design adhere to all applicable regulatory standards, certifying safety, reliability, and compliance.
GRSE has already made progress towards the building of green vessels. At the moment, the shipyard is building a zero-emission electric ferry for the Government of West Bengal that will have a capacity of 150 passengers. Once commissioned, this ferry promises to redefine passenger services along the Hooghly and other major rivers.
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.
