Multibagger Garden Reach Shipbuilders share price rises 9% on $54 million order inflow for commercial vessels

Stock Market Today: Multibagger Garden Reach Shipbuilders & Engineers Ltd share price gained more than 9% in morning trades on Monday on a large international order inflow worth $54 million for the supply of commercial Vessels.

Garden Reach Shipbuilders share price that opened at ₹1721.85, more than 4% higher on Monday over the previous close of ₹1645.15 on the BSE . Garden Reach Shipbuilders share price however gained further to touch highs of Rs1818.20 , marking more than 9% gains.

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The Garden Reach Shipbuilders share price is only slightly short of all time highs of ₹1904.55 it had scaled a few days back.

The Garden Reach Shipbuilders share price having risen more than 200% in last one year has given Multibagger returns to the investors. Notably Garden Reach Shipbuilders share price has gained more than 106% year to date also.

The investor confidence remains strong on the Defence Sector companies looking at the country's Make In India Initiative. The outcome of Lok Sabha Elections 2024 also has remained favorable with the ruling BJP led National Democratic alliance regaining power. With the policy continuity being anticipated, the Defence sector companies as Garden Reach Shipbuilders share prices are gaining further strength. The strong order inflows hold testimony and are improving revenue visibility further. Not only domestic but rising international order flows bode well for the Defence sector companies.

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Garden Reach Shipbuilders over the weekend announced having secured an international orders worth $54 million. Garden Reach Shipbuilders has signed contract for Construction and delivery of Multi-Purpose Vessels with M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co. The contract is for Construction and delivery of four (04) multi-purpose vessels of 7,500 DWT (Deadweight tonnage) each. The order is to be executed by Garden Reach Shipbuilders in 33 months,

Garden Reach Shipbuilders clarified that None of the promoter/promoter group/ group companies have any interest in the entity that awarded the order(s)/ contract(s). The order(s)/ contract(s) will thereby not fall under related party transactions said Garden Reach Shipbuilders in its release

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