Garden Reach Shipbuilders shares hit record high in early deals, here’s why
Garden Reach stock gained 9.97% to a record high of Rs 2309 in early deals on BSE. Garden Reach shares saw a high turnover of Rs 112.19 crore as 4.97 lakh shares changed hands on BSE today.
- Jul 1, 2024,
- Updated Jul 1, 2024 10:35 AM IST
Shares of Garden Reach Shipbuilders & Engineers Ltd rose nearly 10% in early deals today after the defence firm said it has inked a contract for construction of advance ocean-going tug for Directorate General Defence contract (s) Purchase, Ministry of Defence, Government of the People's Republic of Bangladesh. The value of the order is approx. $21 million or Rs 170 crore.
“The overall length (LOA) of the tug will be nearly 61 metres, and the vessel will be about 15.80 metres wide with a depth nearly 6.80 metres. The tug's draught requirement with a full load will be around 4.80 metres while it's bollard pull capacity will be 76 Tons ahead and 50 Tons astern. The ship's maximum speed with a full load will be at least 13 knots," said the PSU firm.
Garden Reach stock gained 9.97% to a record high of Rs 2309 in early deals on BSE. Garden Reach shares saw a high turnover of Rs 112.19 crore as 4.97 lakh shares changed hands on BSE today. Garden Reach stock fell to a 52 week low of Rs 558.60 on July 4, 2023.
It has a beta of 1.1%, indicating high volatility in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 74.7, signaling it's trading in the overbought zone.
Garden Reach shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day and 100 day moving averages.
Garden Reach Shipbuilders & Engineers is a warship building company. The company is under the administrative control of the Ministry of Defense, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.
Shares of Garden Reach Shipbuilders & Engineers Ltd rose nearly 10% in early deals today after the defence firm said it has inked a contract for construction of advance ocean-going tug for Directorate General Defence contract (s) Purchase, Ministry of Defence, Government of the People's Republic of Bangladesh. The value of the order is approx. $21 million or Rs 170 crore.
“The overall length (LOA) of the tug will be nearly 61 metres, and the vessel will be about 15.80 metres wide with a depth nearly 6.80 metres. The tug's draught requirement with a full load will be around 4.80 metres while it's bollard pull capacity will be 76 Tons ahead and 50 Tons astern. The ship's maximum speed with a full load will be at least 13 knots," said the PSU firm.
Garden Reach stock gained 9.97% to a record high of Rs 2309 in early deals on BSE. Garden Reach shares saw a high turnover of Rs 112.19 crore as 4.97 lakh shares changed hands on BSE today. Garden Reach stock fell to a 52 week low of Rs 558.60 on July 4, 2023.
It has a beta of 1.1%, indicating high volatility in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 74.7, signaling it's trading in the overbought zone.
Garden Reach shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day and 100 day moving averages.
Garden Reach Shipbuilders & Engineers is a warship building company. The company is under the administrative control of the Ministry of Defense, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.