Garden Reach Shipbuilders & Engineers Ltd (GRSE) experienced a 5% increase in its share price during early trading on Tuesday. The stock opened at ₹1,755.05 on the BSE, reflecting a 2.95% rise compared to the previous day's closing price of ₹1,704.70. It climbed to an intraday high of ₹1,790, marking a 5% gain.
Contract Announcement
On March 24, 2025, after market hours, Garden Reach Shipbuilders & Engineers Ltd disclosed that it secured a contract in Hamburg, Germany. The agreement involves constructing and delivering the seventh and eighth 7,500 Deadweight Tonnage (DWT) Multi-Purpose Vessels (MPV).
This new contract is part of an ongoing series of orders. In June 2024, GRSE received an order for four MPVs of 7,500 DWT each. Additional agreements for two more vessels were signed in October 2024 and December 2024, respectively.
The recent agreement represents the final two ships from the series of four additional MPVs. The total contract value for all eight vessels is approximately $108 million. The contract has been signed with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG, a German shipping company.
Company Overview
Garden Reach Shipbuilders & Engineers Ltd is a public sector undertaking specializing in shipbuilding. The latest contract aligns with an existing option agreement between GRSE and its German client, reinforcing the company's position in the international shipbuilding market.
Summary
Garden Reach Shipbuilders & Engineers Ltd reported a 5% increase in share price following the announcement of a contract to construct and deliver two additional 7,500 DWT Multi-Purpose Vessels in Germany. This contract completes a series of eight vessels valued at approximately $108 million. The agreement is part of the company's ongoing collaboration with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG, strengthening its global shipbuilding footprint.
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