Mid Cap PSU Defence Co Inks MoU with Shift Clean Energy, Shares Rise 240% In 2-Yrs

Shares of mid cap shipping sector company Garden Reach Shipbuilders & Engineers (GRSE) on Thursday gained 2.17% to Rs 822.55 per share after it inked a Memorandum of Understanding (MoU) with M/s Shift Clean Energy (Shift), M/s Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) on November 22, 2023 to develop Electric Tugs E-VOLT 50. Garden Reach Shipbuilders share BSE 17% in last 1-month and gained 72% in last 6-months. Check details below:

Garden Reach Shipbuilders Signs MoU with Shift Clean Energy: According to the press release of the company issued as on November 23, 2023, "Garden Reach Shipbuilders and Engineers (GRSE) Ltd - one of India's premier defence shipyards - signed a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) on Wednesday, November 22, 2023, to develop Electric Tugs E-VOLT 50. The EVOLT 50 aims to reduce carbon emissions, improve operational efficiency, and set new benchmarks for performance and environmental sustainability in the tugboat industry."

Highlighting the importance of the MoU, Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE said: "We are excited to be part of this groundbreaking collaboration that combines the expertise of GRSE and three industry-leading organisations. "E-VOLT 50" is a bold step towards a cleaner and greener future for the maritime sector. By utilizing sustainable energy solutions and cutting-edge technology, we aim to redefine the standards of performance, efficiency, and environmental stewardship."

Garden Reach Shipbuilders & Engineers Stock Performance & Return: Current market price of the defence PSU stock today is 821.50 per share. Garden Reach Shipbuilders share BSE offered return of 71% YTD, gained 58% in last 1-year, jumped 239% in last 2-years, and gave return of 319% in last 3-years. In last 5-years, Garden Reach Shipbuilders shares surged 765%. 52-week high price of Garden Reach Shipbuilders stock BSE is Rs 973.95 per share and 52-week low of Garden Reach Shipbuilders share is Rs 390.70 per share, respectively.

Garden Reach Shipbuilders Traded Ex-Dividend On Sept 15: Garden Reach Shipbuilders stock will trade ex-dividend on September 15, 2023 for final dividend of Re 0.70 per equity share for the financial year 2022-23.

Garden Reach Shipbuilders About: The journey of Garden Reach Shipbuilders & Engineers Ltd., a premier Warship building Company in India, under the administrative control of Ministry of Defence, a PCMM Level-2 Certified Company, dates back to 1884 when it started its journey as a small workshop to repair vessels of River Steam Navigation Company. The Company was taken over by the Government of India in 1960. GRSE has the distinction of becoming the first shipyard of independent India to build a warship for Indian Navy, the Seaward Defence Boat (SDB) INS Ajay, way back in 1961.

Disclaimer

The stock hit fresh 52-week high after it signed an MoU with DEMPO Group. It is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.