Garden Reach Shipbuilders Signs Contract for Additional Multi-Purpose Vessel, Shares Trading Flat – Equitypandit
Shares of Garden Reach Shipbuilders & Engineers Ltd. are trading flat after reaching a day’s high of Rs 1,672.10 on 4th October. This follows the firm’s announcement that it has signed a contract for the construction and delivery of one of four additional multi-purpose vessels with a capacity of 7,500 DWT.
On 3rd October 2024, the company announced an agreement with Carsten Rehder Schiffsmakler and Reederei GmbH & Co KG Germany to construct and deliver the fifth multi-purpose vessel with a capacity of 7,500 DWT.
This contract aligns with the ‘option agreement’ signed to procure four additional multi-purpose vessels from Garden Reach Shipbuilders.
The shipyard plans to build eight vessels with an approximate order value of $108 million.
Last month, they secured a $54 million order for four additional multi-purpose vessels from Carsten Rehder Schiffsmakler and Reederei GmbH & Co in Germany.
In August, the company announced a revenue target of Rs 10,000 crore for FY30, a threefold increase from Rs 3,592 crore reported for FY24.
At 11:23 AM, the shares of Garden Reach Shipbuilders were trading 0.22% higher at Rs 1,662.05 on NSE.
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