At 10:10 am; the stock was trading at Rs 106 on the BSE. It hit a high of Rs 109 and a low of Rs 102 so far. A combined 860,000 equity shares changed hands on the counter on the NSE and BSE.
The company's Rs 3.45 billion initial public offer (IPO) ran from September 24-October 1 as the issue closure date was extended.
GRSE is a ship building company under the administrative control of the Defence Ministry. It has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.
The Company has a strong order book of Rs 203 billion, comprising gross order value in shipbuilding segment, engineering segment and engine segment. The total value of order book represents the value of contracts that have not been completed. The current order book provides the company with deep pool of revenue generating projects which allows the company to invest in its design capabilities and facilities to become more efficient and technology sophisticated.
The current contract with the Indian Navy and Coast Guard is to deliver 20 ships out of which the company has already delivered 7 ships. GRSE has also been declared lowest bidder for 4 survey vessels, 8 Anti-Submarine warfare craft and 1 Ocean going passenger and cargo ferry and these order are not a part of order book as the letter of award is still pending.