Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) surged 11.02% to ₹2,776.00 on Wednesday after the company announced that it had emerged as the lowest (L1) bidder for a massive Indian Navy contract. The stock jumped from its previous close of ₹2,500.50, adding over ₹275 per share in early trade.
In an exchange filing, GRSE confirmed that it has secured L1 status for constructing five Next Generation Corvettes (NGCs) for the Indian Navy. The Ministry of Defence opened the commercial bids during a meeting of the Commercial Negotiation Committee held in New Delhi on May 21.
The estimated value of the contract exceeds ₹25,000 crore and is part of the Indian Navy’s ongoing fleet modernization program. These advanced corvettes are expected to be equipped with state-of-the-art stealth technology and weapon systems.
This development marks a major milestone for GRSE and significantly strengthens its order book, reaffirming its leadership in India’s defence shipbuilding segment. The company’s market capitalization rose to ₹318.05 billion following the rally.
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