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Received an order of Rs 491 crore from DRDO, stock became rocket

Shares of Garden Reach Shipbuilders & Engineers jumped more than 4 percent after the company received an order of Rs 491 crore to design an acoustic research ship for DRDO. Shares of Garden Reach rose 4.66 percent around 1:20 pm

https://www.knowledgeplus.tech/2024/10/received-an-order-of-491-crores-from-drdo-share-made-rocket.html


Shares of Garden Reach Shipbuilders & Engineers jumped more than 4 percent after the shipbuilder company received an order of Rs 491 crore to design an acoustic research ship for the Defense Research and Development Organization (DRDO). Shares of Garden Reach rose 4.66 percent to Rs 1621.80 around 1:20 pm.


This stock has given a return of 85 percent so far this year. This is a much better performance than the Nifty 50, which has risen only 13 percent during the same period. Today's gain marked the third consecutive session of gains for the company, although it has given negative returns from August to October.

Project to be completed within 36 months

On October 29, Garden Reach announced that it had received a letter of intent from the Naval Physical and Oceanographic Laboratory (NPOL) under the Ministry of Defense in Kochi. The contract includes the design, development, construction, integration of equipment, testing, certification, commissioning and supply of an acoustic research ship (ARS). The project is expected to be completed within 36 months of signing and does not involve any transactions with related parties.

Specialized in building warships

Garden Reach specializes in building warships for the Indian Navy and Coast Guard, building a wide range of ships including frigates, corvettes, landing ship tanks, patrol vessels and fleet tankers. The company also provides ship repair services for both the defense and commercial sectors. Incorporated in 1934, Garden Reach became a public company in 2017 and operates under the administrative control of the Ministry of Defence.

Watch Also ---- Recevied DRDO order 491CR, Stock Become Rocket

(Disclaimer: Experts' recommendations, suggestions, views and opinions are their own and not of Live Hindustan. The stock performance information given here is only an investment advice. Investment in the stock market is subject to risks and consult your advisor before investing.)


#share #sharemarket #drdo

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