Why are Garden Reach Shipbuilders shares up over 3% today? Here's what you need to know
By Aditya Bhagchandani Published on May 22, 2025, 09:34 IST
Shares of Garden Reach Shipbuilders & Engineers Ltd surged over 3% on Thursday to ₹2,586.90 apiece after the company announced it has emerged as the lowest bidder (L1) for a high-value Indian Navy contract worth ₹25,000 crore. The stock gained ₹86.40 intraday, reflecting investor optimism following this strategic development.
In an exchange filing, GRSE confirmed that the Ministry of Defence opened commercial bids on May 21, 2025, for constructing five Next Generation Corvettes (NGCs), and GRSE was declared L1. This significant win reinforces GRSE's order book and underlines its leadership in defence shipbuilding.
The contract is part of India's broader naval modernization push, which is expected to boost revenues for the Kolkata-based PSU over the coming years. With a market capitalization of ₹290.5 billion and a P/E ratio of 55.99, GRSE is among the top gainers on the NSE today.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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