Garden Reach Shipbuilders Share Price Jumps After MoU With PWD Nagaland
GRSE rose as much as 6.48% to Rs 1,747 apiece.
Garden Reach Shipbuilders & Engineers Ltd. saw its share price rise by as much as 6.48% after the company announced a Memorandum of Understanding with the Public Works Department of Nagaland. This MoU is the first agreement between GRSE and a North Eastern state, the company said in an exchange filing.
The MoU, signed on March 19, 2025, in Kohima, involves the supply of eight sets of Double Lane Modular Steel Bridges to Nagaland.
GRSE has a history of delivering modular bridges to various organisations, including the Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation Ltd (NHIDCL), as well as several state governments and friendly countries like Bhutan, Nepal, Myanmar, Sri Lanka, and Bangladesh. To date, GRSE has supplied over 5,800 modular bridges.
The scrip rose as much as 6.48% to Rs 1,747 apiece. It pared gains to trade 3.03% higher at Rs 1,691 apiece, as of 09:54 a.m. This compares to a 0.57% advance in the NSE Nifty 50 Index.
It has risen 123.63% in the last 12 months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 71.
Out of four analysts tracking the company, three maintain a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.9%.
