GRSE shares hit record high, rise 16% in two days

Shares of shipbuilder Garden Reach Shipbuilders and Engineers (GRSE) rose nearly 16% in two sessions. The defence stock surged to a record high in the current session after the firm on Thursday said it has emerged as the lowest bidder for over Rs 25,000 crore worth of contract to build eight next generation Corvettes for the Indian Navy. 

The multibagger stock rose 15.9% in two sessions for Rs 2500.10 on May 21 to Rs 2898.40 in the current session. 

Market cap of the firm stood at Rs 32,166 crore on Friday. On BSE, around 6.37 lakh shares changed hands amounting to a turnover of Rs 180.06 crore. The stock gained 5.28% intra day on BSE today. 

A R Ramachandran, SEBI registered Independent analyst says, "GRSE is bullish on the daily charts but also  overbought with next resistance at Rs 2951. Investors should be booking profits as a Daily close below support of Rs 2746 could lead to a target of Rs 2262 in the near term."

The multibagger defence stock has gained 97.32% in a year and rallied 489% in three years.

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