Garden reach shipbuilders stock: Amidst the big fall in the stock market, there is huge demand for the shares of aerospace and defense company- Garden Reach Shipbuilders and Engineers. The rise in the company’s shares has come due to positive news. In fact, the company said that it has received an order worth Rs 226.18 crore (excluding GST) for the design, construction, operation and maintenance of 13 hybrid electric vessels.
share status
Talking about the share of Garden Reach Shipbuilders and Engineers, it rose by more than 2 percent to reach Rs 1695.75 on Friday. This share, which was at the level of Rs 650 last year, was at Rs 2,834.60 in the month of July this year. Currently the share is at the level of Rs 1660. Let us tell you that for the last few days, a big decline is being seen in Sensex and Nifty.
A grade government undertaking
Recently, Finance Minister Nirmala Sitharaman has approved the upgrade of Garden Reach Shipbuilders and Engineers Limited from Schedule ‘B’ to Schedule ‘A’. It will be the 77th Schedule ‘A’ CPSE with an annual turnover of Rs 3592 crore and profit of Rs 357 crore for the financial year 2023-24.
Company under Ministry of Defense
This company was established in 1884 and operates under the Ministry of Defence. It has a long history as a major shipbuilding company in India. It has built over 790 platforms, including 109 warships, for the Indian Navy and Coast Guard. Recently the company informed that it has signed a contract with the National Center for Polar and Ocean Research (NCPOR) for the construction of an ocean research vessel. The Kolkata-headquartered warship builder said it has the required expertise in the field of survey ships and has been building them for the Indian Navy for nearly four decades.
