Shares of government-owned shipbuilding company – Garden Research Shipbuilders – rose as much as 4 per cent to hit an intraday high of Rs 209.40 after the company announced that it has won an order from the government of Bangladesh for supply of patrol boats. Garden Reach Shipbuilders received an order from the department of fisheries, Government of the People’s Republic of Bangladesh for supply and construction of six patrol boats. The total cost of the order is valued at $1.82 million.
“Garden Reach Shipbuilders & Engineers was awarded an export order on 01 July 2021, for construction and supply of six Patrol Boats, through competitive bidding,” the company said in an exchange filing.
GRSE is a shipbuilding company in India under the administrative control of the Ministry if Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE derives a significant majority of its revenue from its shipbuilding division.
GRSE is also engaged in engine production and other engineering activities. The engineering division manufactures deck machinery items, pre-fabricated portable steel bridges and marine pumps.
So far this year, Garden Reach Shipbuilders & Engineers shares have advanced 7.74 per cent, underperforming the Sensex which has gained 10 per cent.
As of 11:54 am, Garden Reach Shipbuilders shares traded 2.13 per cent higher at Rs 206.