Garden Reach Shipbuilders & Engineers Ltd Share Price – NSE  /  BSE

Aerospace & Defence, Small Cap

Garden Reach Shipbuilders & Engineers has entered into the following two (2) numbers of non-binding MoUs:

a) M/s Merlinhawk Aerospace for Collaboration towards development of composite Doors and Hatches for use in Naval Ships, Counter UAV Solution using EDFCS along with CRN 91, EOIRST for Surveillance, Composite Masts for Indian Navy Ships and Hydrogen fuel cells based power generation for maritime applications.

b) M/s Kerala State Electronics Development Corporation (KELTRON) forestablishing collaborative working arrangement towards development of core futuristic technologies in various fields to achieve self-reliance in certain areas of Under Water Surveillance.

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The order includes design, build and deliver the advanced ocean going tug vessel. The said order received from Directorate General Defence Purchase, Ministry of Defence, Government of the People's Republic of Bangladesh.

The consideration of the order is approximately worth $21 million and it will be completed within 24 months.

The overall length (LOA) of the tug will be nearly 61 metres, and the vessel will be about 15.80 metres wide with a depth nearly 6.80 metres. The tug's draught requirement with a full load will be around 4.80 metres while its bollard pull capacity will be 76 Tons ahead and 50 Tons astern. The ship's maximum speed with a full load will be at least 13 knots.

The tug's primary roles will include towing of ships at sea, both alongside and astern, assist them during berthing and casting off as well as help them in turning through pushing and pulling. The vessel will also have the capability to carry out rescue and salvage operations at sea. Its secondary roles will be to provide firefighting support to ships at sea and limited pollution control measures.

The platform will be extremely robust with a capability to operate even at sea state 5 (wind speeds of 17-21 knots and wave heights of 2-3 metres) with dynamic positioning - 2 system capability. This is an advanced computer-controlled system that allows a ship to maintain its heading and position without the use of mooring lines or anchors.

State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 31 March 2024, the Government of India holds 74.50% in the company.

The company's net profit doubled to Rs 111.60 crore in Q4 FY24 as compared to Rs 55.30 crore in Q4 FY23. Revenue from operations jumped 68.96% year on year (YoY) to Rs 1,015.73 crore in the quarter ended 31 March 2024.

The scrip hit a life-time high at Rs 2,296.75 in today’s intraday session.

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Garden Reach Shipbuilders & Engineers has signed a contract for construction of advance ocean-going tug for Directorate General Defence contract (s) Purchase, Ministry of Defence, Government of the People's Republic of Bangladesh. The value of the order is approx. USD 21 million.

The overall length (LOA) of the tug will be nearly 61 metres, and the vessel will be about 15.80 metres wide with a depth nearly 6.80 metres. The tug's draught requirement with a full load will be around 4.80 metres while it's bollard pull capacity will be 76 Tons ahead and 50 Tons astern. The ship's maximum speed with a full load will be at least 13 knots.

The tug's primary roles will include towing of ships at sea, both alongside and astern, assist them during berthing and casting off as well as help them in turning through pushing and pulling. The vessel will also have the capability to carry out rescue and salvage operations at sea. It's secondary roles will be to provide firefighting support to ships at sea and limited pollution control measures. The platorm will be extremely robust with a capability to operate even at sea state 5 (wind speeds of 17-21 knots and wave heights of 2-3 metres) with dynamic positioning - 2 system capability. This is an advanced computer-controlled system that allows a ship to maintain its heading and position without the use of mooring lines or anchors.

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The key equity indices traded with modest losses in early trade. The Nifty traded below 23,250 mark. FMCG and Consumer durables stocks advanced while PSU bank, metal and realty shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 270.14 points or 0.35% to 76,939.76. The Nifty 50 index lost 91.80 points or 0.39% to 23,399.90.

In the broader market, the S&P BSE Mid-Cap index declined 0.58% and the S&P BSE Small-Cap index shed 0.03%.

The market breadth was negative. On the BSE, 1,440 shares rose and 1,655 shares fell. A total of 146 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,790.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,237.21 crore in the Indian equity market on 21 June 2024, provisional data showed.

Economy:

After hitting all-time high levels following continuous gains, India’s foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI).

This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

The decrease in forex reserves was primarily driven by a reduction in foreign currency assets, which are a major component of the reserves. These assets fell by $2.097 billion, bringing the total to $574.24 billion.

Gold reserves also saw a decrease, dropping by $1.015 billion to $55.967 billion during the week. Meanwhile, the special drawing rights (SDRs) were down by $54 million, amounting to $18.107 billion. In contrast, India’s reserve position with the International Monetary Fund (IMF) increased by $245 million, reaching $4.581 billion.

Stocks in Spotlight:

Garden Reach Shipbuilders & Engineers jumped 6.74% to Rs 1,756 after the company said that it has signed an agreement with Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany for the construction and delivery of 4 Multi purpouse vessels of 7,500 DWT each.

Prestige Estates Projects shed 0.72% to Rs 1,976.45. The company’s board approved raising up to Rs 5,000 crore via QIP.

TVS Motor Company rose 0.36% to Rs 2,442.95. The company signed a pact with CSC Grameen eSTORES for a commercial vehicle range.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.01% to 6.972 as compared with previous close 6.973.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4900, compared with its close of 83.5700 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.11% to Rs 71,660.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 105.81.

The United States 10-year bond yield declined 0.14% to 4.252.

In the commodities market, Brent crude for August 2024 settlement lost 5 cents or 0.06% to $85.19 a barrel.

Global Markets:

Asian stocks traded lower on Monday, with Chinese markets leading the decline. This drop was fueled by concerns of a potential trade war with the European Union.

The European Union's decision earlier in June to impose hefty tariffs on Chinese electric vehicles sparked tensions. Beijing reacted strongly, raising the possibility of a retaliatory trade war. Reports also suggested that China might impose tariffs on European automobiles in response.

In the US, the S&P 500 closed slightly lower on Friday, extending a two-day decline for tech giant Nvidia. The broad market index fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.

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