Source: LIVEMINT
Stock Market Today: Garden Reach Shipbuilders or GRSE's share price gained more than 6% during the intraday trade on Thursday despite the stock market crash. The gains in GRSE share price were led by an order win by the company.
Garden Reach Shipbuilders told exchanges today, May 22, about the company becoming the L1 bidder for the Next Generation Corvettes (NGC) project.
GRSE in an exchange filing said that it attended the commercial negotiation committee (CNC) meeting convened by the Ministry of Defence (MoD) for the opening of commercial bids for the acquisition of eight (08) NCG on May 21, 2025, in New Delhi.
During the meeting, the commercial bids were opened, and GRSE became the lowest bidder (L1) for the construction of NCG for the Indian Navy. The L1 bidder will be awarded five NGC ships at a likely value of more than ₹25,000 crore.
While the order win boosted the investor sentiments, it also negated the impact of an order cancellation from Bangladesh.
In another update, GRSE on May 21, 2025, informed the exchanges regarding the cancellation of the contract by the Bangladesh government.
GRSE on July 1, 2024, had been awarded a contract for the construction of an advanced ocean-going Tug worth $21 million. However, the contract was cancelled by the Government of the People’s Republic of Bangladesh.
GRSE share price opened at ₹2461.25 levels on the BSE on Thursday. At the time of opening, GRSE share price was lower than the previous day's closing price of ₹2,500.10. The GRSE share price, however, gained during the morning trade to hit the day's high of ₹2,660, which meant gains of 6.4%.
The rally in GRSE shares came at a time when both the benchmark indices — Sensex and Nifty 50 — traded over 1% lower.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It'll just take a moment.
