GRSE stock rises 5% after securing defence contract of Rs 491 crore
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Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) rose 5% to Rs 1847 on BSE in Monday's trade following the company’s receipt of a Letter of Intent from the Naval Physical & Oceanographic Laboratory (NPOL), part of the Ministry of Defence’s DRDO. The contract, worth Rs 491 crore, is for the design, development, and construction of an Acoustic Research Ship (ARS). "We wish to inform you that the company has received letters of Intent of Award for Contract for Design, development, construction, Integration of Equipment, Testing, certification, commissioning & supply of One Acoustic Research Ship (ARS) from Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi," the company said in an exchange filing. The project also includes the integration of equipment, testing, certification, and commissioning of the vessel, with a timeline of 36 months from the contract signing. Earlier th...