“We wish to inform you that the company has received letters of Intent of Award for Contract for Design, development, construction, Integration of Equipment, Testing, certification, commissioning & supply of One Acoustic Research Ship (ARS) from Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi,” the company said in an exchange filing.
The project also includes the integration of equipment, testing, certification, and commissioning of the vessel, with a timeline of 36 months from the contract signing.
Earlier this month, GRSE secured two additional contracts under the WBIWTLSD Project of the Bengal government. These contracts involve the design, construction, operation, and maintenance of 100 non-AC and 200 twin-deck hybrid electric ferries for cross-ferry operations.
In addition, the company signed a contract to build one of four additional multi-purpose vessels with a deadweight tonnage (DWT) of 7,500. GRSE also inked an agreement with Germanyβs Carsten Rehder Schiffsmakler and Reederei GmbH & Co KG for the construction and delivery of a fifth 7,500 DWT multi-purpose vessel.
On Friday, GRSE’s shares closed at Rs 1,765.1, up 1.22% on the BSE, while the benchmark Sensex rose 0.27%. Its shares have surged 102% in 2024 to date and 290% over the past two years, with the company currently holding a market capitalization of Rs 20,220 crore.GRSE is a leading Indian shipyard that builds and repairs naval and commercial vessels. GRSE is under the administrative control of the Ministry of Defence and primarily serves the Indian Navy and Coast Guard.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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