Shares of Garden Reach Shipbuilders & Engineers (GRSE) surged 5.58% to intra-day high of Rs 1812.95 on NSE in early trade on Thursday after the company announced a $54 million order for four additional multi-purpose vessels from Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co.
Order for Multi-Purpose Vessels
In a filing to the stock exchange, GRSE confirmed that it received an order on September 18, 2024, for the construction and delivery of four additional vessels under existing terms. The vessels will be designed, built, and delivered within 33 months from the original contract signing, with no involvement of related party transactions.
Schedule ‘A’ CPSE Upgrade
Further boosting investor sentiment, the Government upgraded GRSE from a Schedule ‘B’ to Schedule ‘A’ Central Public Sector Enterprise (CPSE) on September 18.
The company called this a “significant milestone,” reflecting its strong financial performance, operational efficiency, and contributions to national security. The upgrade is expected to enhance GRSE’s senior management capacity and improve its business oversight.
Stock Performance
Exide Industries shares have delivered positive returns across various time frames. Over the last three months, the stock has shown a positive return of 1.59%, indicating short-term growth. In the last six months, the performance has been even more impressive, with a substantial increase of 128.78%, showcasing the stock’s resilience and upward momentum.
Year-to-date, Exide Industries shares have surged by 111.61%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 99.52%.