GRSE trades jubilantly on signing agreement for construction of advanced Ocean-Going Tug
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Garden Reach Shipbuilders & Engineers is currently trading at Rs. 2269.70, up by 170.15 points or 8.10% from its previous closing of Rs. 2099.55 on the BSE.
The scrip opened at Rs. 2115.05 and has touched a high and low of Rs. 2296.75 and Rs. 2115.05 respectively. So far 285162 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,296.75 on 1-Jul-2024 and a 52 week low of Rs. 558.60 on 04-Jul-2023.
Last one week high and low of the scrip stood at Rs. 2296.75 and Rs. 1720.00 respectively. The current market cap of the company is Rs. 24050.77 crore.
The promoters holding in the company stood at 74.50%, while Institutions and Non-Institutions held 9.40% and 16.10% respectively.
Keeping up the tempo in the arena of Defence Exports, Garden Reach Shipbuilders & Engineers (GRSE) has signed an agreement with the Directorate General Defence Purchase, Ministry of Defence, Government of the People’s Republic of Bangladesh for the construction of an advanced Ocean-Going Tug. Earlier, GRSE had signed another contract with Bangladesh for delivery of a Trailing Suction Hopper (TSH) dredger. More recently, on June 22, 2024, GRSE entered into a contract with a German company for the delivery of at least four multi-purpose cargo vessels.
The overall length (LOA) of the tug will be nearly 61 metres, and the vessel will be about 15.80 metres wide with a depth nearly 6.80 metres. The tug's draught requirement with a full load will be around 4.80 metres while it's bollard pull capacity will be 76 Tons ahead and 50 Tons astern. The ship's maximum speed with a full load will be at least 13 knots.
The tug's primary roles will include towing of ships at sea, both alongside and astern, assist them during berthing and casting off as well as help them in turning through pushing and pulling. The vessel will also have the capability to carry out rescue and salvage operations at sea. Its secondary roles will be to provide firefighting support to ships at sea and limited pollution control measures. The platform will be extremely robust with a capability to operate even at sea state 5 (wind speeds of 17-21 knots and wave heights of 2-3 metres) with dynamic positioning - 2 system capability. This is an advanced computer-controlled system that allows a ship to maintain its heading and position without the use of mooring lines or anchors.
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.
