Garden Reach Share Price Surges Over 5% Amid Tie Ups With Denmark, Sweden
Share price of Garden Reach has risen 105.09% on a year-to-date basis, and 144.82% in the last 12 months.
Shares of state-run Garden Reach Shipbuilders and Engineers Ltd. rose over 5% on Monday following the company's signing of two memorandums of understanding during an official delegation visit to Sweden and Denmark.
Garden Reach Shipbuilders entered into an MoU with Berg Propulsion, a global leader in the development, manufacturing, and supply of marine propulsion systems, based in Sweden.
According to Garden Reach Shipbuilders, the partnership will combine the technical expertise and capabilities of both organisations to manufacture propulsion-related equipment and systems, with a special emphasis on ongoing and future government projects.
On June 6, Garden Reach Shipbuilders signed a second MoU with SunStoke, Denmark, a leading provider of expedition cruise vessels. The agreement paves the way for future collaboration in the development and manufacturing of expedition cruise vessels.
With a robust order book valued at Rs 47,680 crore, which includes next-generation corvettes, Garden Reach Shipbuilders is steadily strengthening its market position. The company, primarily engaged in shipbuilding contracts, has been actively broadening its global partnerships.
"The collaboration will leverage the combined capabilities and technical know-how of both organisations," Garden Reach Shipbuilders stated.
Garden Reach Share Price Today
The scrip rose as much as 5.10% to Rs 3,418 apiece. It pared gains to trade 1.84% higher at Rs 3,312.20 apiece, as of 09:39 a.m. This compares to a 0.38% advance in the NSE Nifty 50 Index.
Shares have risen 105.09% on a year-to-date basis, and 144.82% in the last 12 months. The relative strength index was at 74.93.
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 an downside of 24.6%.
