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Garden Reach Shipbuilders hits record high; spurts over 24% in five days
Garden Reach Shipbuilders & Engineers Ltd leads gainers in 'A' group
Garden Reach Shipbuilders & Engineers standalone net profit declines 0.10% in the September 2022 quarter
Garden Reach Shipbuilders & Engineers standalone net profit rises 1.54% in the December 2022 quarter
Industrials stocks rise
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Garden Reach Shipbuilders & Engineers (GRSE) announced that it has entered into nine memorandum of understandings (MoU) for segments like ship repair, commercial shipbuilding, drones.
The company has signed MoUs with Aerospace Engineers, Central Institute of Fisheries Technology, Dynatron, Keltron, Krasny Marine, Naval Group France, Rekise Marine, Rolls-Royce Solutions GmbH and Tunga Aerospace Industries.The company entered into these MoUs at the Aero India 2023 event, for segments such as ship repair, commercial shipbuilding, ship-based drones, autonomous underwater vehicles and allied systems.
GRSE is a premier shipyard of India, under the administrative control of the Ministry of Defence, Government of India. It builds warships for the Indian Navy & Indian Coast Guard. As on 31 December 2022, the Government of India held 74.50% stake in the company.
The company's net profit rose 1.5% to Rs 63.92 crore on 43.6% jump in revenue from operations to Rs 699.15 crore in Q3 FY23 over Q3 FY22.
The scrip advanced 0.85% to Rs 449.30 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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