Shares of Garden Reach Shipbuilders and Mazagon Dock Shipbuilders were surging on the bourses on Tuesday as media reports suggested a major domestic order might soon get the government’s approval.

What Happened: The Indian government is poised to approve several significant defence mega projects, including the Indian Navy's ambitious ₹70,000 crore initiative to build seven new warships, as per an India Today report.

For the Navy's Project 17 Bravo, which aims to construct the seven most advanced warships, the primary contenders are Mazagon Dock and Garden Reach Shipbuilders. The possible project has been making headlines for a few weeks now.

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The report added that there is a possibility that the mega project will be split between the two shipyards, with the lowest bidder potentially securing four warships and the other yard handling the remaining three. This division aims to optimise costs and leverage the strengths of both shipbuilders.

The Indian Army is also said to be looking to procure 1,700 future-ready combat vehicles will also be a key agenda item at the upcoming government meeting. These combat vehicles are intended to enhance the Army's operational efficiency and replace the outdated T-72 tanks, ensuring modernised and capable ground forces.

Price Action: GRSE’s share price was up 6.04% to trade at ₹1,942. Mazdock’s share price was up 6.67% to trade at ₹4,480 in early trade on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.