Garden Reach Shipbuilders and engineers' stock price surged by more than 7 per cent following the company's announcement that it had signed an agreement to supply National Highway Infrastructure Development Corporation Ltd. (NHIDCL) with double-lane modular bridges.
One of India's top shipbuilding firms, Garden Reach Shipbuilders & Engineers Ltd., saw its shares soar to the day's high of Rs 1,974.80 apiece on the NSE, up 7.83 per cent.
Stock jump today
Garden Reach stock increased following the last few days of declines. The stock opened at Rs 1,879.20 per share on the national stock exchange. The stock was currently trading at Rs 1926.00 per share.
Contract for bridge
According to the exchange filling of the Garden Reach Shipbuilders and engineers, the company notified the shareholders that it had reached an agreement with NHIDCL for the supply, construction, and debut of Bailey and Double-Lane Class 70 modular steel bridges.
Under this agreement, Class 70R Double Lane Bridges, created by GRSE, will be built and delivered. These bridges will improve connectivity in forward-critical areas along India's borders, allowing for the smooth deployment of troops and equipment.
historical performance of stock
Following other multibagger defence PSU stocks, the stock has increased in value by 117.78 percent on the National Stock Exchange in the last 180 days, providing shareholders with multibagger returns. The last three years saw an astounding 854.68 percent increase in its value.
Garden Reach is a top-tier shipbuilding enterprise that operates under the Ministry of Defence's administrative jurisdiction. It primarily serves the Indian Navy and Indian Coast Guard shipbuilding needs.
Being the first shipyard in the nation to export warships and provide 100 warships to the Indian Coast Guard and Indian Navy.
