Garden Reach Shipbuilders & Engineers Share Price Today: Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) surged over 6 per cent on Monday, November 2, after the Ministry of Defence signed contracts worth Rs 53,866.50 crore with the company and Goa Shipyard Limited (GSL) for the acquisition of eight Next Generation Corvettes for the Indian Navy.
GRSE shares climbed to an intraday high of Rs 2,063.80 on NSE, rising Rs 120.10, or 6.18 per cent, from their previous closing price of Rs 1,943.70.
GRSE, Goa Shipyard defence deal: Key details
The contracts were signed in the presence of Defence Secretary Rajesh Kumar Singh at Kartavya Bhawan-2 in New Delhi.
The total contract value stands at Rs 53,866.50 crore for all eight warships. However, the ministry has not disclosed the individual contract values awarded to GRSE and Goa Shipyard Limited.
What are Next Generation Corvettes?
The Next Generation Corvettes will be equipped with advanced missiles, weapons and sensor suites, enabling them to undertake missions across air, surface and underwater domains.
The warships will also support littoral combat operations, maritime surveillance and presence missions.
Defence project to generate employment
The Ministry of Defence said the project will provide a significant boost to India’s indigenous shipbuilding ecosystem by strengthening collaboration among defence PSUs, private shipyards and Indian industrial partners, including micro, small and medium enterprises.
The construction programme is expected to generate approximately 72 lakh person-days of employment in shipyards and another 460 lakh person-days across ancillary industries and MSMEs over the next 10 years.
The ministry added that the project will promote Made-in-India materials and equipment, indigenous technologies and domestic expertise, supporting the government’s Aatmanirbhar Bharat initiative in defence manufacturing.
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