Garden Reach Shipbuilders surges 6% on lowest bid of Rs 500 cr for DRDO contract.

Defence

Shares of Garden Reach Shipbuilders & Engineers (GRSE) soared up to 6 percent on June 7 after the company emerged as the lowest bidder for a Defence Research and Development Organisation (DRDO) contract. The contract, worth around Rs 500 crore encompasses building research vessel for the DRDO. It is also worth noting that GRSE is yet to bag the order as the contract is currently under negotiation and has not yet been signed.


      GRSE, which rebounded strongly post the election result meltdown, has recovered most of its losses, backed by optimism around government policies and its focus on defence indigenisation.

      At 10.55 am, shares of GRSE were trading at Rs 1,348.15, up 3.85 percent on the NSE.

     

 

     


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