Garden Reach Shipbuilders Shares Jump Over 10% On $54 Million Order Win
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.
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.
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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%.
