Stock Of The Day: Garden Reach Shares Surge 19.5% After Q4 Results— Key Levels

Shares of Garden Reach Shipbuilders & Engineers Ltd. surged over 19% to hit record high on Thursday after its fourth-quarter profit more than doubled, beating analysts' estimates.

The company's consolidated net profit jumped 103.64% year-on-year to Rs 112 crore in the fourth quarter ended March 2024, according to an exchange filing. Analysts polled by Bloomberg estimated the net profit at Rs 102 crore.

• Revenue up 69% to Rs 1,016 crore. (Bloomberg estimate: Rs 824 crore).

• Ebitda at Rs 91 crore versus Rs 20 crore. (Bloomberg estimate: Rs 58 crore).

• Margin at 8.9% versus 3.4% (Bloomberg estimate: Rs 7.1%).

• Net profit rose 103.64% to Rs 112 crore. (Bloomberg estimate: Rs 102 crore).

• Resistance: Rs 1,424.8 (lifetime high)

• Support: Rs 881 (three-week low)

Shares of the company jumped 19.5% to Rs 1,424.80 apiece, the highest level since its listing on Oct 10, 2018. This compares to a 0.57% advance in the NSE Nifty 50 Index.