Shares of Garden Reach Shipbuilders & Engineers Ltd. hit a record high on Monday after it secured an order from Bangladesh worth nearly $21 million.
The company has received the order from the Directorate General, Defence Purchase, Ministry of Defense, and Bangladesh Government for the construction and delivery of an advanced ocean-going tug vessel, according to an exchange filing on Monday. The order's value in rupee terms is approximately Rs 175.23 crore, according to Monday's exchange rate.
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Garden Reach Shipbuilders will complete the project in 24 months, the filing said.
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The ocean-going tug vessel ships support in open waters to ensure safety and efficiency in challenging offshore situations.
A few weeks ago, the shipbuilder signed another contract with the Government of the People's Republic of Bangladesh to deliver a trailing suction hopper dredger.
A trailing suction hopper dredger is a kind of ship that maintains navigable waterways and deepens the maritime canals that are silted.
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Shares of the company rose as much as 10% to hit record high of Rs 2,309 apiece. It was trading 9.52% higher at Rs 2,298.90 apiece as of 10:15 a.m. This compares to a 0.24% advance in the NSE Nifty 50 Index.
The stock has risen 297.12% in 12 months and 163.19 on year-to-date basis. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 78.80, which implied the stock is overbought.
Out of five analysts tracking the company, three maintain a 'buy' rating and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 45.9%.
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