Latest news with #KongsbergOslo
Business Standard
6 days ago
- Business
- Business Standard
GRSE soars after MOU to build India's first Polar Research Vessel
Garden Reach Shipbuilders and Engineers (GRSE) surged 7.49% to Rs 3385.85 after the company inked a milestone MoU with Norway's Kongsberg Oslo to build India's first indigenous Polar Research Vessel (PRV). The project, to be executed at GRSE's Kolkata yard, will support deep-sea research in polar and southern oceans. The PRV will be equipped with cutting-edge scientific instruments and developed in partnership with the National Centre for Polar and Ocean Research (NCOPR), aligning with the governments 'Make in India' push. Union Minister Sarbananda Sonowal, currently in Norway for the Nor-Shipping event, noted that Indian shipyards now hold 11% of the Norwegian Shipowners Associations order book, showcasing Indias rising stature in global shipbuilding. GRSE is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily serves the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. As of 31 March 2025, the Government of India holds 74.50% in the company. The company's standalone net profit surged 118.87% to Rs 244.24 crore while revenue from operations jumped 61.66% to Rs 1,642.03 crore in Q4 FY25 over Q4 FY24.
India Today
7 days ago
- Business
- India Today
India partners with Norway to build first indigenous polar research vessel. Key details
India is set to construct its first indigenous Polar Research Vessel (PRV) following a Memorandum of Understanding (MoU) signed between Garden Reach Shipbuilders and Engineers Limited (GRSE) and Norway's Kongsberg Oslo. The agreement, formalised in Oslo in the presence of Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, marks a significant advancement in India's maritime and scientific PRV will be equipped with state-of-the-art scientific instruments, enabling researchers to delve into oceanic depths and study marine ecosystems. This initiative aligns with India's commitment to scientific progress and sustainable development, providing invaluable insights into the planet's environmental India's polar research missions have relied on chartered vessels from the international market. The acquisition of an indigenous PRV will reduce this dependency, granting India greater autonomy in its polar explorations. The vessel is expected to play a crucial role in supporting India's research bases in Antarctica and the Arctic, facilitating continuous access essential for climate change studies and other scientific endeavors. The collaboration with Kongsberg Oslo underscores the importance of international partnerships in achieving complex technological feats. By integrating global expertise with domestic capabilities, India aims to bolster its maritime infrastructure and scientific research. This initiative is a testament to India's strategic vision of becoming self-reliant in critical technologies while fostering global construction of the PRV is anticipated to be completed within the next five years, with an estimated cost of 2,600 crore. This investment reflects India's dedication to enhancing its research infrastructure and expanding its presence in polar addition to supporting polar research, the PRV will serve as a versatile platform for oceanographic studies, including research in the Southern Ocean. This multifunctional capability will enable Indian scientists to undertake comprehensive studies of marine environments, contributing to a deeper understanding of global climate systems and marine initiative also aligns with India's broader maritime objectives, as articulated by Minister Sonowal during discussions at Nor Shipping 2025 in Norway. He emphasized India's vision of 'MAHASAGAR,' aiming for inclusive growth and international collaboration in the maritime summary, the construction of India's first indigenous Polar Research Vessel represents a significant milestone in the nation's scientific and maritime endeavors. By reducing reliance on foreign vessels and enhancing research capabilities, India is poised to make substantial contributions to polar science and oceanography, reinforcing its commitment to sustainable development and international InMust Watch
India Today
7 days ago
- Business
- India Today
GRSE shares jump 10% today: What's fuelling the rally?
Garden Reach Shipbuilders and Engineers (GRSE) shares rose by up to 10% following the signing of a Memorandum of Understanding (MoU) with Kongsberg Oslo. This strategic move has drawn the attention of investors and industry observers. The collaboration aims at developing India's first Polar Research the Bombay Stock Exchange, GRSE shares were trading 5.16% higher at Rs 3,312.50, after hitting an intraday high of Rs 3,464.85. Around 1:05 pm, the shares continued to be 5.16% Minister Sarbananda Sonowal attended the signing ceremony on June 3 in Oslo, emphasising the strategic importance of the deal. The shares of GRSE reflected a 10% increase, showcasing the market's positive response. This agreement represents India's efforts to enhance scientific research capabilities with the construction of the Polar Research Vessel (PRV).The PRV will be equipped with advanced scientific technology to explore marine ecosystems and study the planet's historical and environmental changes. Minister Sonowal highlighted the commitment to scientific progress and sustainable addition to this collaboration, GRSE has emerged as the lowest bidder for the Indian Navy's Next Generation Corvettes (NGC) project, which is valued at over Rs 25,000 crore. This is expected to significantly expand GRSE's order book by constructing five of the eight planned corvettes, reinforcing its role in the defence faced a challenge when the Bangladesh government cancelled a $21 million order for an ocean-going tug. Nonetheless, GRSE's stock performance remains strong, showing a 100% increase this year and a 629% rise over the past two this, analysts hold a 'Hold' rating on the stock due to an average target price of Rs 2,341, suggesting a potential downside of nearly 30% from current his Oslo visit, Minister Sonowal participated in discussions on ocean business, aligning with India's "MAHASAGAR" initiative—Growth for All, which reflects broader objectives to enhance maritime capabilities and sustainable analysts recommend caution with a 'Hold' rating on GRSE shares, the long-term outlook remains promising as the government invests in the defence and research sectors. This strategic partnership, complemented by potential defence contracts, is expected to support GRSE's growth path.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Time of India
7 days ago
- Business
- Time of India
GRSE shares hit 10% upper circuit after MoU with Norway's Kongsberg for India's first polar research vessel
Shares of Garden Reach Shipbuilders and Engineers (GRSE) hit the 10% upper circuit at Rs 3,464.8 on Wednesday after the company signed a Memorandum of Understanding (MoU) with Norway's Kongsberg Oslo to support the indigenous construction of India's first-ever Polar Research Vessel (PRV). The MoU was signed on June 3 in Oslo in the presence of Sarbananda Sonowal , Union Minister for Ports, Shipping, and Waterways. Commenting on the development, Sonowal said the agreement "signals India's unwavering commitment to scientific advancement and sustainable development." He noted that the vessel will feature advanced scientific equipment, enabling deep-sea research, marine ecosystem studies, and further exploration into the planet's past, present, and future. During his visit, Sonowal also participated in ministerial discussions on shipping and ocean business, reaffirming India's vision of "MAHASAGAR"—Growth for All. Also read: Exclusive | Sensex will hit 1.5 lakh by 2030 & 3 lakh by 2035! Raamdeo Agrawal makes big prediction Live Events Earlier, in May, GRSE announced that it had emerged as the lowest bidder (L1) for the Indian Navy's Next Generation Corvettes (NGC) project, worth over Rs 25,000 crore. In a regulatory filing, GRSE confirmed its participation in a Commercial Negotiation Committee (CNC) meeting convened by the Ministry of Defence on May 21 for the opening of bids to acquire eight NGC ships. Of these, GRSE is expected to be awarded five vessels. This move significantly strengthens the company's order book and reinforces its position in the defence shipbuilding sector. Separately, GRSE also disclosed in May that the Bangladesh government had cancelled a $21 million (around Rs 180 crore) order for the construction of an advanced ocean-going tug. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list GRSE Share Price Target and Performance According to Trendlyne, the average target price for GRSE is Rs 2,341, implying a potential downside of nearly 30% from current levels. Of the two analysts tracking the stock, the consensus rating is 'Hold'. The stock has surged 168% in the past three months and 629% over the last two years. GRSE's current market capitalisation stands at Rs 38,603 crore. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
7 days ago
- Business
- Economic Times
GRSE shares hit 10% upper circuit after MoU with Norway's Kongsberg for India's first polar research vessel
Shares of Garden Reach Shipbuilders and Engineers (GRSE) hit the 10% upper circuit at Rs 3,464.8 on Wednesday after the company signed a Memorandum of Understanding (MoU) with Norway's Kongsberg Oslo to support the indigenous construction of India's first-ever Polar Research Vessel (PRV). ADVERTISEMENT The MoU was signed on June 3 in Oslo in the presence of Sarbananda Sonowal, Union Minister for Ports, Shipping, and Waterways. Commenting on the development, Sonowal said the agreement "signals India's unwavering commitment to scientific advancement and sustainable development." He noted that the vessel will feature advanced scientific equipment, enabling deep-sea research, marine ecosystem studies, and further exploration into the planet's past, present, and future. During his visit, Sonowal also participated in ministerial discussions on shipping and ocean business, reaffirming India's vision of "MAHASAGAR"—Growth for All. Also read: Exclusive | Sensex will hit 1.5 lakh by 2030 & 3 lakh by 2035! Raamdeo Agrawal makes big prediction Earlier, in May, GRSE announced that it had emerged as the lowest bidder (L1) for the Indian Navy's Next Generation Corvettes (NGC) project, worth over Rs 25,000 crore. ADVERTISEMENT In a regulatory filing, GRSE confirmed its participation in a Commercial Negotiation Committee (CNC) meeting convened by the Ministry of Defence on May 21 for the opening of bids to acquire eight NGC ships. Of these, GRSE is expected to be awarded five vessels. This move significantly strengthens the company's order book and reinforces its position in the defence shipbuilding GRSE also disclosed in May that the Bangladesh government had cancelled a $21 million (around Rs 180 crore) order for the construction of an advanced ocean-going tug. ADVERTISEMENT Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list According to Trendlyne, the average target price for GRSE is Rs 2,341, implying a potential downside of nearly 30% from current levels. Of the two analysts tracking the stock, the consensus rating is 'Hold'.The stock has surged 168% in the past three months and 629% over the last two years. GRSE's current market capitalisation stands at Rs 38,603 crore. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
