Garden Reach Shipbuilders & Engineers Ltd. (GRSE) saw its share price rise over 2% in early trading on August 30 following the announcement of a Memorandum of Understanding (MoU) with the National Highway Infrastructure Development Corporation Ltd. (NHIDCL). The MoU is for the fabrication, supply, and launching of Double-Lane Class 70 modular steel and Bailey bridges.
The company’s shares surged to a high of Rs 1,794.65 apiece on the NSE, reflecting a 2.13% increase. This rise comes after three consecutive days of decline.
The agreement with NHIDCL involves the construction and delivery of Class 70R Double Lane Bridges to improve connectivity in critical forward areas along India’s borders. The double-lane bridges are designed for smooth deployment in troops and equipment.
GRSE is one of the leading yards under MoD and broadly caters to the requirements of Indian Navy and Indian Coast Guard. First Indian yard: GRSE which exported warships, first Indian yard: GRSE that delivered 100 warships to the Indian Navy and Coast Guard.
At the time of filing this report, shares of GRSE were trading at Rs 1,769.40 apiece on NSE. The stock has delivered handsome dividends to its investors rallying 117.78% on BSE in the last 180 days while soaring 854.68% in the previous three years.
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Source: Moneycontrol
News Desk
