India's Garden Reach Shipbuilders gains on agreement to build electric tugs

Garden Reach Shipbuilders & Engineers

23/11/2023 05:06

** Shares of Garden Reach Shipbuilders & Engineers  GRSE.NS 
rise as much as 4.1% to 838.25 rupees, highest since Oct. 5
    ** State-owned shipbuilder says it signed MOU with Shift
Clean Energy, Seatech Solutions International, American Bureau
of Shipping to develop electric tugs
    ** Says electric tugs will reduce carbon emissions, improve
operational efficiency
    ** About 1.1 mln shares change hands, ~2x the 30-day avg
    ** Including Thursday's gains, stock up 70% YTD, but has
underperformed 105% gains in Cochin Shipyard  COCH.NS  and 150%
surge in Mazagon Dock  MAZG.NS  

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))