Garden Reach Shipbuilders bags contract worth Rs.840 crore

Garden Reach Shipbuilders, a state-run entity, has secured a significant contract worth ₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), operating under the Ministry of Earth Sciences. The contract entails the construction and delivery of an Ocean Research Vessel within the next 42 months, as disclosed in an exchange filing by Garden Reach.

This latest contract marks Garden Reach’s third major win in recent weeks. On July 1, the company announced a $21 million deal for constructing an advanced ocean-going Tug for the Government of Bangladesh. Earlier, on June 22, Garden Reach signed a $54 million contract to build and deliver four multipurpose vessels for M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co.

In addition to these achievements, Garden Reach Shipbuilders was included in the Defence Ministry’s fifth positive indigenisation list, comprising 346 strategically significant items. This recognition further underscores the company’s pivotal role in bolstering national capabilities.

Following these developments, Garden Reach’s shares showed resilience, recovering more than 5.5% from intraday lows to register a 3.5% gain, closing at ₹2,576.9. Over the past month alone, the stock has surged by 40%, reflecting investor confidence and robust performance in the maritime sector.

In 2024, Garden Reach Shipbuilders has witnessed an impressive nearly threefold increase in its stock value, with gains nearing 200%. This growth trajectory mirrors the strong performance of its industry peers, Mazagon Dock Shipbuilders and Cochin Shipyard, whose shares have also surged between 150% to 300% this year.

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