GRSE soars on signing contract with Naval Physical and Oceanographic Laboratory
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Garden Reach Shipbuilders & Engineers is currently trading at Rs. 1604.35, up by 55.05 points or 3.53% from its previous closing of Rs. 1549.30 on the BSE.
The scrip opened at Rs. 1569.75 and has touched a high and low of Rs. 1609.85 and Rs. 1569.45 respectively. So far 3188 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. 1655.00 and Rs. 1467.80 respectively. The current market cap of the company is Rs. 17747.54 crore.
The promoters holding in the company stood at 74.50%, while Institutions and Non-Institutions held 5.52% and 19.98% respectively.
Garden Reach Shipbuilders and Engineers (GRSE) has signed a contract with the Naval Physical and Oceanographic Laboratory (NPOL) on October 29, 2024, for construction of an Acoustic Research Ship (ARS). NPOL is a laboratory under the Defence Research and Development Organisation (DRDO) and the signing of the contract added yet another feather to GRSE’s well-adorned cap.
The value of the contract signed between GRSE and NPOL is Rs 490.98 crore. The overall length of the ARS will be 90 metres and it will be 14 metres wide. It will be capable of speeds ranging from 4 knots to 12 knots. At top speed, the ship will have an endurance of 30 days or 4,500 nautical miles in a single mission. It will have a complement of 70 personnel.
The capabilities of the ARS will include deployment, towing and retrieval of various equipment such as acoustic modules, carrying out temporal and/or spatial high-resolution surveys of sound velocity profiles and collection of ocean tides/current information to be used for survey optimization, design of underwater moorings and offshore deployments.
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.
