Latest news with #NextGenerationCorvette
Business Upturn
2 days ago
- Business
- Business Upturn
GRSE signs contract with GSI to build two coastal research vessels
By Aditya Bhagchandani Published on June 11, 2025, 14:21 IST Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Geological Survey of India (GSI) for the construction of two Coastal Research Vessels (CRVs). The agreement was formalized on June 11, 2025, in Kolkata, highlighting GRSE's growing role in specialized research vessel manufacturing. Each vessel will be 64 meters long and 12 meters wide, with a deadweight tonnage of 450 tons. Designed for oceanic exploration and environmental research, the CRVs will support geological mapping, mineral exploration, and environmental monitoring. Equipped with onboard laboratories, they will have 15-day endurance and house 35 personnel each. This project reinforces GRSE's capabilities, with the company also constructing an Ocean Research Vessel for NCPOR and an Acoustic Research Ship for DRDO's NPOL. GRSE is currently building 16 warships and has been the lowest bidder for the Navy's Next Generation Corvette program. The shipyard is also building multipurpose cargo vessels for a German company. The company's leadership emphasized the vessels will use diesel-electric propulsion and operate within India's Exclusive Economic Zone. 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.
Express Tribune
24-05-2025
- Business
- Express Tribune
Bangladesh cancels $21m defence contract with India's GRSE
The textile industry would be temporarily affected by the move, said Rakibul Alam Chowdhury of the Bangladesh Garment Manufacturers and Exporters Association. PHOTO: FILE Listen to article Bangladesh has cancelled a $21 million defence contract with India's state-owned Garden Reach Shipbuilders and Engineers Ltd (GRSE), amid growing strain in bilateral relations. The contract, awarded in July 2024, was for an advanced ocean-going tug for the Bangladesh Navy, a vessel designed for deep-sea towing and salvage missions. GRSE, a public sector unit under India's Ministry of Defence, confirmed the cancellation in a stock exchange filing on May 21. According to The Hindu, GRSE stated that the cancellation was anticipated and followed 'mutual discussions' with the Bangladesh government. The company added that the financial impact would be negligible, as the order represented just 0.8% of its ₹22,680.75 crore ($2.7 billion) order book as of March 31, 2025. No official reason was given by Dhaka. However, as reported by Business Standard, analysts view the move as a possible retaliation for New Delhi's recent imposition of import restrictions on Bangladeshi goods. On May 18, India tightened controls at Integrated Check Posts in its northeastern region, affecting shipments of ready-made garments and processed foods. These measures followed India's earlier decision to withdraw a transshipment facility that had enabled Bangladeshi goods to reach third countries via Indian territory. The diplomatic setback comes amid a broader shift in Bangladesh's foreign policy posture following the departure of Sheikh Hasina's administration in August 2024. The ocean-going tug, while modest in budgetary terms, had been a strategic symbol of India-Bangladesh defence cooperation. Its cancellation underscores a deterioration in that relationship. In a press release on May 22, GRSE said it had been selected as the lowest bidder for the Indian Navy's Next Generation Corvette (NGC) programme. The company, based in Kolkata, has delivered 111 warships to Indian maritime forces and friendly foreign navies, including missile and anti-submarine corvettes. India-Bangladesh tensions rise amid trade curbs and political crackdow India-Bangladesh relations have deteriorated in recent months due to escalating trade restrictions and political developments. India has restricted imports of Bangladeshi garments to select ports, impacting exports worth $700 million annually. It has also blocked Bangladeshi consumer goods at 11 northeastern land ports and ended a key transit facility for Bangladeshi exports to third countries via Indian routes. In response, Bangladesh halted yarn imports from India through land ports in mid-April. Despite being India's largest trading partner in the region during FY24, and India ranking as Bangladesh's second-largest export market, trade ties have cooled sharply. At the same time, Bangladesh's interim government has banned the Awami League—the party of ousted Prime Minister Sheikh Hasina—under anti-terrorism laws, citing security concerns.
Business Upturn
23-05-2025
- Business
- Business Upturn
GRSE shares hit all-time high; stock up over 140% in 52 trading sessions amid defence order momentum
By Aditya Bhagchandani Published on May 23, 2025, 09:53 IST Shares of Garden Reach Shipbuilders & Engineers Ltd surged over 5% in Friday's early trade to hit a fresh all-time high of ₹2,896.30. This marks the third consecutive day of gains for the defence PSU, taking its one-month rally to an impressive 66%. The stock's strong performance comes amid heightened investor interest in defence stocks following Operation Sindoor and Prime Minister Narendra Modi's renewed call for indigenous defence manufacturing. March quarter performance & outlook For the fourth quarter of FY25, Garden Reach reported a stellar 61% year-on-year growth in revenue. Its EBITDA soared 144%, while EBITDA margin expanded by 454 basis points. During its recent earnings call, the company said it expects peak execution in FY26. Notably, deliveries of the first P17 Alpha Ships are expected within two months, ahead of schedule. Big defence win The company also announced on Thursday that it had emerged as the lowest (L1) bidder for the Indian Navy's Next Generation Corvette (NGC) project. Garden Reach is set to bag five of the eight ships under this ₹25,000 crore contract, further strengthening its defence order book. Stock metrics Market cap : ₹32,055 crore 52-week range : ₹1,148.10 – ₹2,896.30 P/E Ratio : 61.12 Dividend Yield : 0.50% Beta : 1.66 Average delivery (20D): 80.38% 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.
