Shares of Garden Reach Shipbuilders fell to their 52-week low of Rs 674.25 on October 26, 2023. Shares of Garden Reach Shipbuilders fell to their 52-week low of Rs 674.25 on October 26, 2023. Shares of Garden Reach Shipbuilders fell to their 52-week low of Rs 674.25 on October 26, 2023. Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) gained 5% on Wednesday after the defence firm bagged an order worth Rs 490.98 crore. Garden Reach Shipbuilders stock gained 4.88% to Rs 1625 on Wednesday against the previous close of Rs 1549.30 on BSE. Market cap of the firm rose to Rs 18,442.87 crore.
On BSE, around 0.38 lakh shares changed hands amounting to a turnover of Rs 6.04 crore.
The multibagger defence stock has climbed 116% in a year and risen 260.65% in two years. Garden Reach Shipbuilders stock has a one-year beta of 1.5, indicating high volatility during the period. Shares of Garden Reach Shipbuilders fell to their 52-week low of Rs 674.25 on October 26, 2023.
In terms of technicals, the relative strength index (RSI) of Garden Reach Shipbuilders stood at 39.9, signaling it's trading neither in the overbought nor in the oversold zone.
“The company has signed contract for design, development, construction, integration of equipment, testing, certification, commissioning, & supply of One Acoustic Research Ship (ARS) for Naval Physical & Oceanographic Laboratory, GoI, Ministry of Defence, DRDO, Kochi,” said Garden Reach Shipbuilders.
The order is to be executed within 36 months from signing of the contract. The overall length of the ARS will be 90 metres and it will be 14 metres wide. It will be capable of speeds ranging from 4 knots to 12 knots.
Garden Reach Shipbuilders & Engineers is mainly engaged in the construction of warships.