Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) surged over 7% in early trade on June 4, following the announcement of a landmark collaboration with Norway-based Kongsberg for constructing India’s first Polar Research Vessel (PRV). The stock hit an intraday high of ₹3,465.50 before settling around ₹3,372.50, up 7.05% from the previous close of ₹3,150.50.
The Kolkata-based defence PSU inked a Memorandum of Understanding (MoU) with Kongsberg during an official event in Oslo, attended by Sarbananda Sonowal, Union Minister of Ports, Shipping, and Waterways. As per the official statement, the MoU will enable GRSE to access advanced Norwegian ship design and technology, which will be instrumental in building the country’s first indigenous PRV.
The PRV will be used by the National Centre for Polar and Ocean Research (NCOPR) for scientific missions in the Arctic, Antarctic, and the Southern Ocean. The agreement marks a critical milestone for India’s shipbuilding ambitions, particularly under the government’s ‘Make in India’ campaign.
GRSE will construct the vessel at its Kolkata yard, leveraging its proven capabilities in building complex marine platforms, including warships and research vessels. The collaboration also positions India strategically in the polar research domain, a sector gaining increased geopolitical significance.
GRSE’s market capitalization now stands at ₹386.60 billion, with trading volume surging past 5.9 million shares during the session.
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