Garden Reach Shipbuilders & Engineers (GRSE) share price continued witnessing strong bullish run for the third consecutive session as the defence stock jumped 5 per cent to hit its fresh record high in intraday trade on Thursday, June 5. GRSE share price opened at ₹3,399 against its previous close of ₹3,358.50 and jumped 4.80 per cent to its all-time high of ₹3,520. With this, the stock has jumped nearly 19 per cent in just three sessions.
The GRSE share price has given multibagger returns of 2,100 per cent over the last five years. This year, the stock has risen by over 100 per cent.
GRSE signs MoI and MoUs overseas
Through an exchange filing on June 5, Garden Reach Shipbuilders & Engineers said it had signed a memorandum of intent (MoI) on June 4 with Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG, Germany, for the construction of four follow-on 7,500 DWT multi-purpose vessels.
The company said these vessels will be built as a continuation of the eight vessels, currently under construction at GRSE’s Kolkata shipyard. The follow-on vessels will feature hybrid propulsion systems and comply with the latest cybersecurity standards. The firm contract for these vessels is expected to be finalized by 31 August, 2025.
Furthermore, GRSE signed a memorandum of understanding (MoU) with Aries Marine, a Dubai-based, established and independent engineering and design firm for offshore platform and vessel design.
“This is to extend the worldwide reach of GRSE in the offshore market. This MoU aims to facilitate collaboration on identifying and developing offshore orders for platforms designed by Aries and built by GRSE.
GRSE said it also signed an MoU with a global engine manufacturer on the same day.
Earlier, GRSE had informed about signing an MoU with Norway-based Kongsberg, which will pave the way for India to build its first-ever Polar Research Vessel (PRV) indigenously.
“The MoU between GRSE and Knogsberg marks an important milestone for India’s shipbuilding sector as it will receive design expertise for developing the PRV, while taking into account the requirement of National Centre for Polar and Ocean Research (NCOPR), who will use it for research activities in the polar and southern ocean realms,” the statement said.
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