This defence stock held by ace investor Ramesh Damani surged more than 3% in the market after the company entered into two non- binding MoUs with Lloyd’s Register and Caterpillar Inc on Wednesday morning.
Share price of Garden Reach opened at Rs. 814.15 per share and rose more than 3% to reach its intra- day high of Rs. 849 levels. The stock has gained 96.13% in the last six months and gave a multibagger return of 136.66% in the last one year.
On 20 Sep 2023, the company announced its participation in the Defence and Security Equipment International (DSEI) Exhibition in London held in 2023 and entered into two non- binding MoUs with Lloyd’s Register for the purpose of developing a hydrogen fuel cell ferry and Caterpillar Inc. in order to establish a potential collaboration for the purpose of production, sale service of medium speed engines for the Indian Navy and Indian Coast Guard only.
As per its recent financials, the company recorded an increase of 25.7% from Rs. 601.17 crore in Q4FY23 to Rs. 755.9 crore in Q1FY24. Its net profit of Rs. 55.3 crore in Q4FY23 increased 38.6% to Rs. 76.68 crore in Q1FY24. It maintains a low debt to equity ratio of 0.21 and has a good average ROE for the last three years of 15.67
Garden Reach Shipbuilders Engineering Limited is a ship building company based in India. The company is involved in working on any kind of ship building projects, construction of commercial vessels, engineering related activities for the Indian Navy and Indian Coast Guard.
Written by Bhumika Khandelwal
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