Garden Reach Shares Extend Rally To Hit All Time High After Signing MoUs With Germany’s Carsten Rehder

Shares of multibagger shipyard Garden Reach Shipbuilders and Engineers Ltd. jumped nearly 5% to extend a three-day rally and touch a fresh record high, after the company signed Memorandums of Understanding with Germany-based Carsten Rehder for four multi-purpose vessels. The final contract is expected by Aug. 31, according to an exchange filing.

The MoUs have been signed with multiple global partners, expanding its pipeline beyond defence platforms. The move sent GRSE share price up by more than 1%.

The company signed a Memorandum of Intent with Germany-based Carsten Rehder Schiffsmakler und Reederei for four follow-on 7,500 DWT multi-purpose vessels, according to its notification to the exchanges. These will add to the eight vessels currently under construction at GRSE’s Kolkata yard, it said, adding that the follow-on ships will feature hybrid propulsion systems and comply with updated cybersecurity standards. The final contract is expected by Aug. 31, 2025.

This is the second time in the same week that shares have hit record high. Shares had risen as much as 10% on Wednesday after an order win from Norway's Kongsberg, to build India's first-ever polar research vessel.

The scrip rose as much as 4.91% to Rs 3,521.30 apiece, the highest level ever. It pared gains to trade 3.50% higher at Rs 3,474 apiece, as of 10:35 a.m. This compares to a 0.40% advance in the NSE Nifty 50.

It has risen 113.31% on a year-to-date basis, and 193.15% in the last 12 months. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 67.20.

Out of five analysts tracking the company, three maintain a 'buy' rating, and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 28.5%.