Shares of Garden Reach Shipbuilders & Engineers shot up sharply on Friday afternoon after the company announced bagging the order.
What Happened: The Kolkata-based shipbuilding company has been awarded a ₹226.18 crore contract for the design, construction, operation, and maintenance of hybrid electric ferries. The contract, awarded by the Transport Department, Government of West Bengal, includes the construction of 13 units of hybrid electric ferries.
The fleet will comprise of 100 Pax Hybrid Electric Ferries for Cross Ferry Operation – Non-AC and 200 Pax Twin Deck Hybrid Electric Ferries for Cross Ferry Operation – With AC on Main Deck. The contract is expected to be executed within 30 months from the effective date of entering into the contract.
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Earlier today, Garden Reach Shipbuilders also revealed that it had signed a contract for the fifth of eight multi-purpose export vessels with German client Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG.
This contract comes on the heels of a series of positive developments for Garden Reach Shipbuilders. In September 2024, the company was upgraded from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise (CPSE) by the Government of India, reflecting its robust financial performance and operational efficiency.
Price Action: GRSE’s share price was up 1.78% to trade at ₹1,688 on Friday afternoon.
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