Shares of Garden Reach Shipbuilders & Engineers (GRSE) climbed up to 5% to a new 52-week high of ₹3,521 in Thursday morning trade after the defence PSU announced a global collaboration aimed at expanding beyond its traditional military platforms.
In a regulatory filing, GRSE said it had signed a memorandum of understanding (MoU) with Hamburg-based Carsten Rehder for the potential construction of four multi-purpose cargo vessels. The final contract is expected to be formalised by August 31. These vessels, with a deadweight tonnage (DWT) of 7,500, would add to the eight similar ships currently under construction at GRSE’s Kolkata facility.
The new vessels will feature hybrid propulsion systems and incorporate the latest cybersecurity measures, aligning GRSE’s offerings with international standards in commercial shipbuilding.
This move is part of GRSE’s larger strategy to diversify its business beyond defence shipbuilding. Over the past few months, the company has signed multiple MoUs and letters of intent with global partners, signaling its intent to expand into the commercial and offshore vessel markets.
In another significant tie-up, GRSE has also signed an MoU with Aries Marine, a UAE-based engineering and design consultancy specialising in offshore platforms and vessels. This partnership will allow GRSE to utilise Aries Marine’s platform designs and execute construction at its Indian facilities, thereby broadening its presence in the global offshore segment.
At around 12 noon, shares of GRSE were trading at ₹3,478, up 3.6% from the previous close on the NSE. Notably, the stock has more than doubled, gaining 113% since the beginning of the year.
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Source: Moneycontrol.
