Garden Reach Shipbuilding & Engineers Stock Soars 10% On $54 Mn Order From International Entity
GRSE stock delivers more than 100 per cent return in 2024 so far
The stocks of Garden Reach Shipbuilding and Engineers (GRSE) soared around 10 per cent in the Monday trading session after the firm signed an agreement for the construction and delivery of multi purpose vessels.
GRSE stock traded at Rs 1,764 with 7.2 per cent gain in the afternoon session on the National Stock Exchange (NSE).
GRSE signed an agreement with M/s Carsten Rehder Schiffsmakler and Reederei GmbH and Company, KG Germany on Saturday, 22 June 2024, for the construction and delivery of four multi-purpose vessels of 7,500 DWT each, with an option of building another four ships in near future.
The order which is worth USD 54 million is expected to be completed in 33 months.
The vessels will be 120 metres long and 17 metres wide with a maximum draft of 6.75 metres. Each of them can carry 7,500 metric tonnes of cargo. The vessels will have a single cargo hold each to accommodate bulk, general and project cargoes.
Containers will be carried on hatch covers and the ships have been specifically designed to carry multiple large windmill blades on deck.
