Shares of the state-owned shipbuilding company Garden Reach Shipbuilders and Engineers Ltd rallied 5% and hit an intraday high of Rs 1,812.95 on 19 September after the company announced securing a new order. 

German shipping business Carsten Rehder Schiffsmakler has placed a $54 million order with the shipyard for the building of four more multipurpose vessels, bringing the total order value to around $108 million for eight vessels.

After the deal is signed, the company will design, construct, and deliver these vessels in 33 months. There are no related party transactions in this deal.

Furthermore, on 18 September, Garden Reach Shipbuilders was promoted by the government from Schedule “B” to Schedule “A” CPSE.

A “significant milestone,” according to the company, which also highlighted its “robust financial performance, operational efficiency, and contribution to national security.” According to the corporation, the improvement would strengthen GRSE’s senior management capabilities and improve corporate governance and management.

However, at 11:24 am, the shares of Garden Reach Shipbuilders shed all their early gains and were trading 1.93% lower at Rs 1,683.90 on NSE. 

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