Garden Reach Shipbuilders shares rise 5% in early deals, here's why 

Shares of Garden Reach Shipbuilders & Engineers (GRSE) rose over 5% in early deals today after the defence major said it has inked a Memorandum of Understanding (MoU) with National Highway Infrastructure Development Corporation Ltd. (NHIDCL) for the fabrication, supply and launching of double-lane class 70 modular steel & bailey bridges. 

The multibagger stock gained 2.5% to Rs 1,840 against the previous close of Rs 1754.90 on BSE. Market cap of the firm stood at Rs 20,620 crore. GRSE stock has gained 122% in a year and risen 495% in two years.

GRSE stock logged a turnover of Rs 7.59 crore with 0.43 lakh shares changing hands on BSE. The stock touched its record high of Rs 2834.60 on July 5, 2024 and fell to its a 52-week low of Rs 648.05 on October 26, 2023.

In terms of technicals, the relative strength index (RSI) of the GRSE stock stands at 32.7, signaling it's trading neither in the overbought nor in the oversold zone. It has a one-year beta of 1.2, signaling high volatility during the period.

GRSE shares are trading lower than the 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.

Garden Reach Shipbuilders & Engineers is mainly engaged in the construction of warships.