Shares of Garden Reach Shipbuilders & Engineers Ltd surged over 3% on Thursday to ₹2,586.90 apiece after the company announced it has emerged as the lowest bidder (L1) for a high-value Indian Navy contract worth ₹25,000 crore. The stock gained ₹86.40 intraday, reflecting investor optimism following this strategic development.
In an exchange filing, GRSE confirmed that the Ministry of Defence opened commercial bids on May 21, 2025, for constructing five Next Generation Corvettes (NGCs), and GRSE was declared L1. This significant win reinforces GRSE’s order book and underlines its leadership in defence shipbuilding.
The contract is part of India’s broader naval modernization push, which is expected to boost revenues for the Kolkata-based PSU over the coming years. With a market capitalization of ₹290.5 billion and a P/E ratio of 55.99, GRSE is among the top gainers on the NSE today.
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