Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) surged 3% in early trade after the company announced the signing of two key Memorandums of Understanding (MoUs) during an official delegation visit to Sweden and Denmark. As of 9:19 AM, the shares were trading 2.36% higter at Rs 3,329.10.
The first MoU, signed in Sweden with Berg Propulsion, a global leader in marine propulsion systems, aims at joint development and manufacturing of propulsion-related equipment. This collaboration is expected to enhance GRSE’s capabilities in marine engineering, particularly for upcoming government and defense projects.
The second MoU, signed with Denmark-based SunStone, a prominent player in the expedition cruise vessel segment, sets the stage for cooperation in the design and development of such vessels. This move is in line with GRSE’s strategic goal to diversify and expand its presence in the international shipbuilding market.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
