Latest news with #NGCs
The Hindu
23-05-2025
- Business
- The Hindu
Kolkata-based GRSE emerges lowest bidder for Next Gen Corvettes to Navy
Kolkata-based Garden Reach Shipbuilders and Engineers (GRSE) Ltd. has emerged as the lowest bidder for the construction of Next Generation Corvettes (NGC) for the Indian Navy, the defence shipyard announced. 'The shipyard participated in the competitive bidding process and has emerged as lowest bidder. GRSE will thus be awarded the contract to build five NGCs at an estimated cost of approximately ₹25,000 crore,' GRSE said in a statement on Thursday (May 23, 2025). These Next-Generation Corvettes shall be capable of fulfilling the roles of Offensive Surface to Surface missile attack, anti-missile defence, surface action groups for maritime strikes, Anti-Submarine Warfare (ASW) and many other maritime operations, it stated. The warship will also incorporate green warship design features, energy efficient and environment friendly technologies, the shipyard said. GRSE is already building four Next Generation Offshore Patrol Vessels for the Navy, apart from three advanced guided missile frigates, eight ASW shallow water crafts of which one has already been delivered to the Navy and four Survey Vessels (Large) of which two have been delivered. Ocean-Going Tug for Bangladesh stands cancelled: GRSE Meanwhile, an order for an Ocean-Going Tug for Bangladesh stands cancelled based on mutual discussions between GRSE and the Customer, GRSE said. 'This order though would not have impact on GRSE's finances as the order is worth only US$ 21 million (approximately ₹179.75 crore) and would have contributed a mere 0.8% to GRSE's existing order book of ₹22,680.75 crore as on March 31, 2025.' GRSE has delivered 111 warships both within India and to friendly foreign nations, including six Missile Corvettes, Khukri and Kora Class, and four Kamorta-class ASW Corvettes.
Business Upturn
22-05-2025
- Business
- Business Upturn
GRSE shares surge 11% after emerging L1 bidder for Rs 25,000 crore Indian Navy corvette contract
By Aditya Bhagchandani Published on May 22, 2025, 13:49 IST Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) surged 11.02% to ₹2,776.00 on Wednesday after the company announced that it had emerged as the lowest (L1) bidder for a massive Indian Navy contract. The stock jumped from its previous close of ₹2,500.50, adding over ₹275 per share in early trade. In an exchange filing, GRSE confirmed that it has secured L1 status for constructing five Next Generation Corvettes (NGCs) for the Indian Navy. The Ministry of Defence opened the commercial bids during a meeting of the Commercial Negotiation Committee held in New Delhi on May 21. The estimated value of the contract exceeds ₹25,000 crore and is part of the Indian Navy's ongoing fleet modernization program. These advanced corvettes are expected to be equipped with state-of-the-art stealth technology and weapon systems. This development marks a major milestone for GRSE and significantly strengthens its order book, reaffirming its leadership in India's defence shipbuilding segment. The company's market capitalization rose to ₹318.05 billion following the rally. 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.
Business Upturn
22-05-2025
- Business
- Business Upturn
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.
Business Upturn
22-05-2025
- Business
- Business Upturn
Garden Reach Shipbuilders wins L1 status for Rs 25,000 crore Navy contract
By Aditya Bhagchandani Published on May 22, 2025, 09:31 IST Garden Reach Shipbuilders & Engineers Ltd (GRSE) has emerged as the lowest bidder (L1) for a major defence contract from the Indian Navy. In a stock exchange filing on May 22, 2025, GRSE announced that it has secured L1 status for the construction of five Next Generation Corvettes (NGCs). The Ministry of Defence opened commercial bids during a meeting of the Commercial Negotiation Committee (CNC) held in New Delhi on May 21. The contract, estimated at over ₹25,000 crore, is a key component of the Navy's fleet modernization initiative. This achievement significantly strengthens GRSE's order book and underscores its leadership in the Indian naval shipbuilding segment. The proposed corvettes will enhance India's maritime capabilities with cutting-edge stealth features and weapon systems. 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.
