Shares of Garden Reach Shipbuilders and Engineers Ltd surged 5% on 21 October after the company announced receiving a Letter of Intent (LoI) from the Ministry of Defence (MoD) for a contract worth Rs 491 crore. 

In its regulatory filing, the company said that they have received a contract for the design, development, construction, integration of equipment, testing, certification, and commissioning of an Acoustic Research Ship (ARS) that has to be completed in 36 months.

Earlier in October, the company received two contracts from the Transport Department, Government of West Bengal for designing, building, operating, and maintaining Hybrid Electric Ferries under the WBIWTLSD Project. 

The contract is for a total consideration of Rs 226.18 crore and covers 13 units, comprising 100-pax Hybrid Electric Ferry Boats for Cross-Ferry Operation—non-AC and 200-pax Twin-Deck Hybrid Electric Ferry Boats for Cross-Ferry Operation—with AC on the Main Deck. 

Moreover in September, the company bagged a $54 million order from Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co for constructing and delivering four additional multi-purpose vessels. 

At 12:33 pm, the shares of Garden Reach Shipbuilders were trading 2.91% higher at Rs 1,816 on NSE.

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