Engineers Ltd
Shares Garden Reach Shipbuilders & Engineers Ltd (GRSE) soared 8% on Thursday, 20 March, after the company announced signing a new Memorandum of Understanding (MoU) with the Nagaland Government. The state-owned defense shipyard has agreed to provide PWD Nagaland with eight double-lane modular steel bridges as part of an infrastructure upgrade arrangement.
“The MoU was signed by DIG Subrato Ghosh, ICG (Retd.), Director (Personnel), GRSE, and Shri Swarai Meru, Chief Engineer, PWD Nagaland in Kohima on 19 Mar 25 in the presence of Shri Natarajan Partheepan, General Manager (Bailey Bridges), GRSE,” the PSU company added.
GRSE, till date, has supplied over 5,800 modular bridges to various entities like Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation Ltd (NHIDCL), apart from several state governments and countries like Bhutan, Nepal, Myanmar, Sri Lanka and Bangladesh.
In addition to building infrastructure, Garden Reach is developing naval shipbuilding. The business just finished the Contractor Sea Trials for two destroyers that will join the Indian Navy: the Androth and the Himgiri.
Its December quarter was fantastic, with considerable increases in both revenue and profit as well as better margins. While revenue increased 37% to Rs 1,271 crore, the company’s net profit increased 12% to Rs 98 crore.
Pierroberto Folgiero, CEO of Fincantieri, emphasized India’s growing significance as a worldwide centre for shipbuilding; peers Mazagon Dock and Cochin Shipyard also saw significant increases on Wednesday.
At 1:48 pm, the shares of Garden Reach were trading 5.85% higher at Rs 1,737.50 on NSE. GRSE
This landmark MoU marks the first ever MoU between GRSE and a North Eastern State, aligning with the Government of India’s Make in India initiative for accelerated regional development.