Shares of Garden Reach Shipbuilders & Engineers (GRSE) jumped on Tuesday after it announced a major order win.

What Happened: GRSE has signed a contract with the National Centre for Polar & Ocean Research (NCPOR) for the construction and delivery of an ocean research vessel (ORV), the company said in a press release. The order, worth approximately ₹840 crore will be executed within 42 months.

The ORV will measure 89.50 meters in length and 18.80 meters in width, with a depth of 12.50 meters. It will have a gross tonnage of 5,900 tons and a speed of 14 knots at 90% of its maximum continuous rating (MCR). The research vessel will be capable of operating at depths of up to 6,000 meters.

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It will perform various tasks including surface and deep-sea mooring, data buoy operations, seabed sampling, and rock dredging with chain bag dredges. It will also conduct atmospheric observations, surface meteorological and current measurements, and collect upper air data. The vessel can deploy and retrieve heavy test equipment, autonomous underwater vehicles (AUVs), and remotely operated vehicles (ROVs), GRSE said.

Earlier in the month, the company announced bagging an order from Bangladesh. The order involves the design, construction, and delivery of the ocean-going tug vessel. The contract, worth approximately $21 million (around ₹174.3 crore), is slated for execution within 24 months.

Price Action: Shares of Garden Reach Shipbuilders settled 3.16% higher at ₹2,575 on Tuesday.

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