Garden Reach Shipbuilders rides on DEMPO Group deal to hit 52-week high

In July, the company announced the launch of an autonomous underwater vehicle (AUV) in collaboration with Aerospace Engineering Private Ltd. (AEPL).

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The share price of Garden Reach Shipbuilders & Engineers (GRSE) rallied 4 percent to scale a 52-week high of Rs 844.45 in early trade on August 28 after the company entered into a deal with DEMPO Group to launch a collaboration model to build commercial vessels in three premier shipyards at Goa and Bhavnagar.

This is GRSE’s maiden attempt to diversify in a big way in commercial shipbuilding to capture a large market share in construction of commercial vessels, both domestic as well as international.

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In July, the company announced the launch of an autonomous underwater vehicle (AUV), which is lightweight and man-portable one that GRSE developed in collaboration with Aerospace Engineering Private Ltd. (AEPL) as an industry partner.

HDFC Mutual Fund (MF) had pared its 2.12 percent stake in Garden Reach Shipbuilders and Engineers (GRSE) from 7.4 percent as on February 28, to 5.28 percent as on August 17.

The company in the quarter ended June 2023, reported 52.8 percent jump in its net profit to Rs 76.68 crore and revenue was up 30.3 percent at Rs 755.90 crore.