GRSE shares rose 3% on March 20 after a 20% surge the previous day, following an MoU with PWD Nagaland to supply eight Double Lane Modular Steel Bridges. This is the first such deal with a North-Eastern state. GRSE has delivered over 5,800 bridges and recently completed sea trials of two warships for the Indian Navy. Shipbuilding stocks remain bullish.
Shares of Garden Reach Shipbuilders & Engineers Ltd. (GRSE) continued their upward momentum on Thursday, opening 3% higher, after the company announced the signing of a Memorandum of Understanding (MoU) with PWD Nagaland for the supply of eight sets of Double Lane Modular Steel Bridges in the state.
This comes after the stock surged 20% on Wednesday, making it one of the top gainers in the PSU defence sector this week.
First MoU with a North-Eastern State
This marks the first-ever MoU signed between GRSE and a North-Eastern state, highlighting the growing reach and trust in the company’s infrastructure and defence capabilities. Though the company has not disclosed the value of the transaction, the deal reinforces GRSE’s role in national infrastructure development.
Past Contributions and Expansion
GRSE has previously supplied modular steel bridges to the Border Roads Organisation (BRO), NHIDCL, and several other state governments, as well as to countries like Bhutan, Nepal, Myanmar, Sri Lanka, and Bangladesh. To date, the company has delivered over 5,800 modular bridges, strengthening connectivity in remote and critical regions.
Additionally, GRSE has recently completed Contractor Sea Trials of two warships — Himgiri and Androth — both slated for delivery to the Indian Navy, underlining the company’s prominence in defence manufacturing.
Industry Buzz & Market Impact
The announcement coincides with a bullish trend in shipbuilder stocks, including Mazagon Dock and Cochin Shipyard, spurred by remarks from Fincantieri CEO Pierroberto Folgiero, who highlighted India’s emergence as a global shipbuilding hub.
On Thursday, GRSE shares were trading 4.2% higher at ₹1,710, reducing their fall from the all-time high level to just 40% — a notable recovery for investors.
