Garden Reach Shipbuilders share price gains 5% on order win in Germany

Stock Market Today: Garden Reach Shipbuilders & Engineers' share price gained 5% in the morning trades on Tuesday following an order win from Germany worth $108 million.

Garden Reach Shipbuilders & Engineers' share price opened at ₹1,755.05 on the BSE on Tuesday, 2.95% higher than the previous day's closing price of ₹1,704.70. Garden Reach Shipbuilders & Engineers' share price thereafter gained further to intraday highs of ₹1,790, marking gains of 5%.

Garden Reach Shipbuilders & Engineers: Order win details

Garden Reach Shipbuilders & Engineers on Monday, March 24, post market hours announced receipt of a contract for the construction and delivery of 7th and 8th 7,500 DWT Multi-Purpose Vessels (MPV).

The public sector undertaking (PSU) in June 2024 had bagged an order for the construction and delivery of four Multi-Purpose Vessels of 7,500 DWT each.

Thereafter in October 2024 and December 2024, it announced the signing of two more contracts for two Multi-Purpose vessels.

Garden Reach Shipbuilders now has signed a contract for the construction and delivery of the remaining two ships from the series of the additional four 7500 DWT MultiPurpose Vessels (MPV) on March 24, 2025, in Hamburg, Germany.

The PSU company clarified that there has been no change in the financial implications of the order/contract. The shipyard will build a total of eight vessels at approx. order value of $108 million.

The contract signed by Garden Reach Shipbuilders and Engineers is with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG Germany for the construction and delivery of the 7th & 8th Multi-purpose vessel of 7,500 DWT, in Hamburg, Germany.

This contract is in line with the ‘Option Agreement’ signed between both parties, for the procurement of four additional MPVs from Garden Reach Shipbuilders and Engineers Ltd.

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