GRSE share price rises 6% on a order update despite stock market crash
Stock Market Today: GRSE share price gained more than 6% during the intraday trades on Thursday despite stock market crash. The gains for the GRSE share price were led by an order update announced by the Garden Reach Shipbuilders or GRSE
Garden Reach Shipbuilders or GRSE intimated the National Stock Exchange of India and the BSE or the Bombay Stock Exchange on Thursday 22 May 2025 about GRSE becoming L1 to NGC (Next Generation Corvettes) Project.
GRSE or Garden Reach Shipbuilder in its release said that it attended the Commercial Negotiation Committee (CNC) meeting convened by the Ministry of Defence (MoD) for opening of commercial bids for the acquisition of eight (08) Next Generation Corvettes (NGC) on 21 May 2025 in New Delhi.
In this regard and during the meeting, the Commercial bids were opened and it was noted that GRSE or Garden Reach Shipbuilder became the Lowest bidder (L1) for Construction of Next Generation Corvettes (NGC) for Indian Navy. The L1 bidder will be awarded five (05) NGC ships at a likely value of more than ₹ 25,000 crores.
While the order win boosted the investor sentiments it also negated the impact of an order cancellation in Bangladesh.
GRSe also had intimaed the exchanged on 21 May 2025 regarding Cancellation of Contract for Construction of an Advanced Ocean. GSE on 01 July 2024, had been awarded a Contract for Construction of an Advanced Ocean-Going Tug' for valued at approx. 21 million US dollar. However GRSE or Garden Reach Shipbuilders intimated that the Government of the People's Republic of Bangladesh has cancelled the order.
GRSE share price opened at ₹ 2461.25 levels on the BSE on Thursday. At the time of opening GRSE or Garden Reach Shipbuilders share price was lower than previous days closing price of ₹ 2500.10. The GRSE sher price however gained during the morning trades to the intraday highs of ₹ 2660, which meant gains of 6.4% for the GRSE share price. This was on a day when Sensex declined more than 1% during the intraday trades
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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