Shares of Garden Reach Shipbuilders Engineers Ltd. jumped over 10% on Monday after it won a $54 million order from a German company to supply multi-purpose vehicles.
The company will design, build, and deliver four multi-purpose vehicles of 7,500 deadweight tonnage, each to Carsten Rehder Schiffsmakler and Reederei GmbH & Co. The project is expected to be executed in 33 months, according to an exchange filing on Saturday.
This order's estimated value in rupee terms is around Rs 450 crore.
Shares of Garden Reach Shipbuilders Engineers Ltd. jumped 10.65% to Rs 1,891.30, the highest level since June 19. It was pared gains to trade 8.93% as of 10:08 a.m., compared to 0.30% decline in the NSE Nifty 50 index.
The stock gained 201.63% in 12 months and 103.57% on year to date basis. The total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 68.00.
Out of five analysts tracking the company, three maintain a 'buy' rating and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 29.6%.
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