Garden Reach Shipbuilders wins order from Bengal govt, shares react 

Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) gained over 2% in the afternoon session today after the defence firm said it has received two letters of Acceptance of Award for Contract for Design, Build, Operation and Maintenance of Hybrid Electric Ferries under the WBIWTLSD Project, Transport Department, Government of West Bengal. The cost of  contract is 226.18 crore. 

Garden Reach Shipbuilders stock gained 2.28% to Rs 1695.75 against the previous close of Rs 1657.90 on BSE. Market cap of the firm rose to Rs 18,997 crore. 

On BSE, around 0.50 lakh shares changed hands amounting to a turnover of Rs 8.21 crore in the afternoon session. 

The multibagger defence stock has climbed 106% in a year and risen 147% in two years. Garden Reach Shipbuilders stock has a one-year beta of 1.3, indicating high volatility during the period.

Shares of Garden Reach Shipbuilders fell to their 52-week low of Rs 648.05 on October 26, 2023. 

In terms of technicals, the relative strength index (RSI) of Garden Reach Shipbuilders stood at 36.93, signaling it's trading neither in the overbought nor in the oversold zone. 

The contract is to be executed within 30 months.  The contract relates to total 13 units comprising  

a. 100 Pax Hybrid Electric Ferries for Cross Ferry Operation -Non-AC. 

b. 200 Pax Twin Deck Hybrid Electric Ferries for Cross Ferry Operation - With AC on Main Deck.