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“The morning stock market session today has given investors a positive sentiment flow. This has influenced the market, as there has been a jump in the share prices of various stocks. One of them is Garden Reach Shipbuilders & Engineers Ltd (GRSE), whose shares jumped over 6% in Thursday’s early session. The major reason behind this is the defence sector firm’s announcement. The defence sector firm has inked an MoU with PWD (Roads & Bridges), Nagaland, for the supply of 8 sets of double-lane modular steel bridges in Nagaland.
Multibagger Defence Stock Up
The stock rose by 6.39% to Rs 1746.10 today. The previous closing figure of the stock was Rs 1641.15 on BSE. The market cap of the firm stood at Rs 19,421 crore. On BSE, around 1.31 lakh shares changed hands, amounting to a turnover of Rs 22.40 crore.
In Past
The defence stocks have shown steady growth in the past, as they climbed 125% in a year and rose 303% in two years. Over the past year, the stock has been more sensitive to market movements and has experienced larger price swings compared to the overall market. Garden Reach Shipbuilders’ stock has a one-year beta of 1.8, showing sensitivity to very high volatility during the period.
Figuratively, shares of Garden Reach Shipbuilders dipped to their 52-week low of Rs 744 on March 20, 2024, but hit a 52-week high of Rs 2834.60 on July 5, 2024.
“Garden Reach Shipbuilders & Engineers Ltd. (GRSE) achieved a significant milestone by signing a breakthrough Memorandum of Understanding (MoU) with PWD Nagaland for the supply of eight sets of Double Lane Modular Steel Bridges in the state. This landmark MoU marks the first ever MoU between GRSE and a North Eastern State, aligning with the Government of India’s Make in India initiative for accelerated regional development,” said Garden Reach in a communication to bourses.”
“In the past, GRSE has delivered Modular Bridges to the Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation Ltd (NHIDCL), apart from several state governments and friendly countries like Bhutan, Nepal, Myanmar, Sri Lanka and Bangladesh. Till date, GRSE has supplied over 5,800 Modular Bridges, ” added GRSE.
What is Garden Reach Shipbuilders& Engineers (GRSE)?
GRSE is primarily a public sector undertaking firm based out in India. The company is involved in he design and construction of warships and other naval vessels. The company plays a crucial role in building defense-related ships.
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