Shares Garden Reach Shipbuilders & Engineers Ltd (GRSE) soared 8% on Thursday, 20 March, after the company announced signing a new Memorandum of Understanding (MoU) with the Nagaland Government.
The state-owned defense shipyard has agreed to provide PWD Nagaland with eight double-lane modular steel bridges as part of an infrastructure upgrade arrangement.
As part of its growing portfolio, Garden Reach has already delivered modular bridges to the Border Roads Organization (BRO), the National Highway Infrastructure Development Corporation Ltd. (NHIDCL), several state governments, and neighbouring countries like Bangladesh, Bhutan, Nepal, Myanmar, and Sri Lanka. As of right now, the company has shipped over 5,800 modular bridges.
In addition to building infrastructure, Garden Reach is developing naval shipbuilding. The business just finished the Contractor Sea Trials for two destroyers that will join the Indian Navy: the Androth and the Himgiri.
Its December quarter was fantastic, with considerable increases in both revenue and profit as well as better margins. While revenue increased 37% to Rs 1,271 crore, the company’s net profit increased 12% to Rs 98 crore.
Pierroberto Folgiero, CEO of Fincantieri, emphasized India’s growing significance as a worldwide centre for shipbuilding; peers Mazagon Dock and Cochin Shipyard also saw significant increases on Wednesday.
At 1:48 pm, the shares of Garden Reach were trading 5.85% higher at Rs 1,737.50 on NSE.
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