India's Garden Reach Shipbuilders up on emerging L1 bidder for DRDO contract

Garden Reach Shipbuilders & Engineers

07/06/2024 07:45

** Shares of Indian defence shipmaker Garden Reach
Shipbuilders & Engineers  GRSE  rise as much as 8.5% to 1,408
rupees
    ** Co becomes lowest bidder for contract to construct
research vessel for Defence Research and Development
Organisation (DRDO)
    ** Order likely to be worth 5 bln rupees ($60 mln), co says 
    ** GRSE eyes third straight day of gains
    ** Stock trading above 50-day, 100-day and 200-day simple
moving averages since April 16
    ** So far, stock rises 54.1% YTD, last up 3.7% 



($1 = 83.4000 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))