Garden Reach Shipbuilders shares: PSU defence stock GRSE jumps 8% on export order  

Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) climbed over 8 per cent in Monday's trade after the PSU signed an commercial vessels agreement with Carsten Rehder Schiffsmakler and Reederei GmbH & Co on Saturday 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 stock rose 8.41 per cent to hit a high of Rs 1,783.55 on BSE. The scrip is still off its June 19's high of Rs 1,904.65.

In a filing to stock exchanges, GRSE said the vessels would 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. The ships have been specifically designed to carry multiple large windmill blades on deck," it said.

In 2014, the CGS Barracuda, an Offshore Patrol Vessel, built by GRSE, was exported to Mauritius. This was the first warship to be exported by India. In 2021, the GRSE-built Fast Patrol Vessel PS Zoroaster was exported to the Seychelles. This ship returned to GRSE earlier this year for a refit that was completed in record time.

"The shipyard is also currently working on six patrol boats and a TSH dredger for the Government of Bangladesh. In 2023, GRSE delivered the MV Ma Lisha, a passenger-cum cargo ocean-going ferry to the Cooperative Republic of Guyana. It is the largest and most advanced ferry in that country now," GRSE said.