GRSE shares surge 8% after it becomes L1 bidder for DRDO order

economictimes.indiatimes.com:

Shares of Garden Reach Shipbuilders & Engineers (GRSE) zoomed 8% on Friday on BSE to the day’s high of Rs 1,048 as the company became the lowest bidder (L1) for the construction of a Research Vessel for Defence Research and Development Organisation (DRDO).

«We wish to inform you that the Company has become the Lowest bidder (Ll) for the construction of a Research Vessel for the Defence Research and Development Organisation (DRDO). The order value is likely to be Rs. 500 crores approx,» said the company in a filing to the exchanges.

GRSE further informed that the deal is still in its negotiation phase and has not been signed yet.

While declaring its Q4FY24 results in May, the chairman, and MD of GRSE Cmde Hari PR, stated that backed by a strong order book and with our ongoing projects the company is confident of sustained growth in the coming years.

«Happy to report a strong set of numbers, with both our Revenue from Operations and Profit after Tax reaching new heights. Backed by a strong order book and with our ongoing projects at a maximum revenue recognition phase, and also with more orders on the anvil, we are confident of sustained growth in the coming years too. Our focus continues to be on timely execution of ongoing projects and new technology adoption with specific impetus on development of autonomous and green energy platforms,» said Hari.

The company has given multibagger returns of 169% to its investors in the last year while in the last 6 months, the shares of GRSE have increased by 60.3%.

(Disclai