India's Garden Reach Shipbuilders & Engineers rises on defence contract win

Garden Reach Shipbuilders & Engineers

31/03/2023 05:13

** Shares of Garden Reach Shipbuilders & Engineers Ltd
 GRSE.NS  rise as much as 8.9% to 474 rupees, their highest
since Feb. 13
    ** Co says it has entered into a contract with the Ministry
of Defence for construction of four next-generation offshore
patrol vessels
    ** Contract at an estimated cost of 35 bln rupees ($12.2
mln)
    ** The first ship is to be delivered within 44 months from
the contract signing date i.e. March 30, 2023, it added
    ** More than 450,000 shares traded as of 9:34 a.m. IST, 1.7
times their 30-day moving avg
    ** Three of 4 brokerages rate the stock "buy" or higher and
1 "sell" or lower; their median PT is 582 rupees - Refinitiv
data
    ** Stock is down 10.2% YTD, as of last close, compared to a
117% increase in 2022

($1 = 82.1000 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))