Multibagger defence stock GRSE hits fresh high on pact with Norway-based Kongsberg, up 100% YTD. More upside on cards?
Multibagger defence stock Garden Reach Shipbuilders (GRSE) surged over 7% in intra-day deals on Wednesday, June 4, to a fresh high following an order win from Norway-based Kongsberg.
This agreement between Norway's Kongsberg and GRSE will pave the way for India to build its first-ever Polar Research Vessel (PRV) indigenously, according to an official statement.
"The MoU between GRSE and Knogsberg marks an important milestone for India's shipbuilding sector as it will receive design expertise for developing the PRV, while taking into account the requirement of National Centre for Polar and Ocean Research (NCOPR), who will use it for research activities in the polar and southern ocean realms," the statement said.
GRSE, with its rich experience of constructing complex maritime platforms like warships, survey and research vessels, will build this PRV in its yard in Kolkata, ensuring a boost to the government's Make In India initiative, it added.
The defence public sector undertaking (PSU) stock opened the day at ₹ 3184, higher than its last close of ₹ 3149.90. It gained further to scale a new high of ₹ 3374, an upside of 7.11%.
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