Multibagger Stock | Garden Reach shares gain over 9% after company bags Rs 451-crore order
At around 9:34 a.m., shares of Garden Reach Shipbuilders & Engineers were up 7.94 per cent or Rs 130.55 at Rs 1,775.7 apiece on BSE.
Shares of Garden Reach Shipbuilders & Engineers gained over nine per cent on Monday (June 24) and touched the day's high at Rs 1,796.55 apiece on BSE. The buying interest in the stock came after the company signed a contract for the construction and delivery of multi-purpose vessels from Carsten Rehder contract Schiffsmakler and Reederei GmbH & Co. The stock snapped three day losing streak.
At around 9:34 a.m., shares of Garden Reach Shipbuilders & Engineers were up 7.94 per cent or Rs 130.55 at Rs 1,775.7 apiece on BSE.
"We wish to inform you that the Company has signed the contract for construction and delivery of multi-purpose vessels," the filing read.
As per the filing, the construction and delivery order is for four multi-purpose vessels of 7,500 DWT each. The order is worth Rs 451.23 crore and has to be completed within 33 months.
The vessels will be 120 meters long and 17 meters wide with a maximum draft of 6.75 meters. Each of them can carry 7,500 metric tonnes of cargo. The vessels will have a single cargo hold each to accommodate bulk, general, and project cargoes. Containers will be carried on hatch covers. The ships have been specifically designed to carry multiple large windmill blades on deck.
The Aero defence company has been a pioneer in the export of warships. In 2014, the CGS Barracuda, an Offshore Patrol Vessel, built by Garden Reach Shipbuilders & Engineers, was exported to Mauritius.
This was the first warship to be exported by India. In 2021, the company built the Fast Patrol Vessel PS Zoroaster was exported to the Seychelles. The ship returned to Garden Reach Shipbuilders & Engineers earlier this year for a refit that was completed in record time.
The shipyard is also currently working on six patrol boats and a TSH dredger for the Government of Bangladesh.
In 2023, Garden Reach Shipbuilders & Engineers delivered the MV Ma Lisha, a passenger-cumAnnexure-I cargo ocean-going ferry to the Cooperative Republic of Guyana. It is the largest and most advanced ferry in that country now.
Garden Reach Shipbuilders & Engineers share price: Past performance
In a year, shares of Garden Reach Shipbuilders & Engineers have given a bagger returns of over 179 per cent against Nifty50's rise of 25 per cent.
Catch all the updates of the June 24 session on Dalal Street here. For all other news related to business, politics, tech, and auto, visit Zeebiz.com.
DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
50:30:20 Investment Strategy: Can you build Rs 3.9 crore retirement corpus with salary of Rs 30,000?
Top 7 Multi Cap Mutual Funds That Have Given up to 41% Return in 1 Year: Know how Rs 22,222 monthly SIP investment has performed in each of them
09:36 AM IST