Garden Reach Shipbuilders: Multiple order wins lead to this PSU stock gaining 123% in 2024
Garden Reach Shipbuilders (GRSE) enjoyed another bullish day as the PSU's stock surged 18% to reach a new all-time high of ₹2,065 apiece during today's intraday trade, before closing the session with a 11% gain at ₹1,946.Today's rally pushed the stock's gains to multibagger returns of 123% in CY24 so far. This remarkable rally builds on the stock's steady gains over the last three years, ending CY23 with an 80% increase.
It rose 117% in CY22, and 15% in CY21.Steady order wins have bolstered investor confidence in the company, pushing the stock price higher each month. On Saturday, the company secured a $54 million order for the construction and delivery of four 7,500 DWT multi-purpose vessels for German firms Carsten Rehder Schiffsmakler and Reederei GmbH & Co.
KG. The contract also includes an option to build an additional four ships in the near future.Also Read: Will power, defence, railway stocks sustain investor interest after sharp rally?Earlier in June, the company entered into a contract with the Bangladesh Inland Water Transport Authority (BIWTA) for the procurement of one trailing suction hopper dredger (with a hopper capacity of 1000 m3) along with spare parts.Additionally, the company emerged as the lowest bidder (L1) for constructing a research vessel for the Defence Research and Development Organisation (DRDO).
The order value is expected to be approximately Rs. 500 crore, although the contract is currently under negotiation and has not yet been signed.In mid-May, the company received a notification of award for an order valued at $16.6 million from the government of Bangladesh for one trailing suction hopper dredger with spare parts.Also Read: ‘Talks on boosting defence cooperation’: PM Modi after meeting
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