On Thursday’s early session, shares of one of India’s premier warship-building companies jumped up to 4 percent to Rs 838 per share, a day after the company signed a Memorandum of Understanding to develop Electric Tugs.
At 11:37 a.m., On Thursday, The shares of Garden Reach Shipbuilders & Engineers Ltd were quoted at Rs 823.30 a share, up Rs 18.20 or 2.26 percent on the National Stock Exchange, The company has a market value of Rs 9,428 crores.
According to the company’s exchange filing, Garden Reach Shipbuilders and Engineers (GRSE) Ltd signed a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech), and the American Bureau of Shipping (ABS) on November 22, 2023, to develop Electric Tugs E-VOLT 50.
The EVOLT 50 aims to reduce carbon emissions, improve operational efficiency, and set new benchmarks for performance and environmental sustainability in the tugboat industry.
Garden Reach Shipbuilders & Engineers shares have delivered a return of 71 percent in the last six months and 58 percent in a year.
The Company has maintained strong return ratios with a return on equity increased from 15.06 percent in FY22 to 16.13 percent in FY23, while the return on capital employed rose from 19.31 percent to 20.30 percent during the same period.
As per the latest shareholding pattern, The Garden Reach Shipbuilders & Engineers promoters hold a 74.5 percent stake in the company, while Foreign institutional investors hold 3.34 percent and retail investors hold 16.2 percent.
Garden Reach Shipbuilders & Engineers Ltd is a leading shipbuilding company in India under the Ministry of Defence. The company primarily serves the shipbuilding requirements of the Indian Navy and the Indian Coast Guard, For the development of anti-submarine warfare corvettes, survey vessels, offshore patrol vessels, etc.
Written by Omkar Chitnis
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