Shares of Garden Reach Shipbuilders Ltd surged 4% on 22 July after the company announced signing two non-binding Memorandum of Understanding (MoUs).

According to the company’s filing, the first MoU was signed with M/s Merlinhawk Aerospace Pvt. Ltd. for collaborating on developing composite doors and hatches for use in Naval Ships, Electro Optical Infra-Red Search and Track System (EOIRST) for surveillance, Counter UAV Solutions using EDFCS along with CRN 91, Composite Masts for Indian Navy Ships, and Hydrogen fuel cells based power generation for maritime applications. A Close Range Naval-91 (CRN-91) is the naval version of the Medak 30 mm automatic gun that is installed on the Sarath Infantry fighting vehicle.

The second MoU was signed with Kerala State Electronics Development Corporation Ltd. for establishing collaborative working arrangements towards development of core futuristic technologies in various fields to achieve self-reliance in certain areas of under-water surveillance. 

The financial considerations of both the MoUs are yet to be disclosed by the company. 

At 2:12 pm, the shares of Garden Reach were trading 4.05% higher at Rs 2,555 on NSE. 

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