Garden Reach Shipbuilders shares surge up to 15% as Ramesh Damani picks 1.09% stake in defence PSU

Shares of Garden Reach Shipbuilders & Engineers Ltd surged up to 15% after ace investor Ramesh Damani picked 1.09% stake in the defence PSU in the quarter ended December 31,2021. As per the shareholding patterns on the BSE, the celebrity investor holds 12,51,156 shares aggregating to 1.09 per cent stake in one of the India's leading shipyards.  

Shareholding pattern of the company for the quarter ended September 31,2021, does not show Ramesh Damani holding any stake in Garden Reach Shipbuilders, however, the investor held 1.1 per cent stake in the company in June 2019 quarter.  

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At 12.10 pm, shares of the defence PSU were trading with gain of Rs 27.25 or 11.80 per cent to Rs 258.20 per share on the BSE. Shares of this government-owned PSU have surged over 30 per cent in the last one year as on January 7, 2022.  

Overall shareholding pattern of Garden Reach Shipbuilders & Engineers Ltd for the quarter ended December 31, 2021, shows the government as promoter holds 74.50% stake in the Miniratna PSU, while public has 25.50% stake.  

Meanwhile, Ramesh Damani also bought 1.26% stake (616379 shares) in Panama Petrochem Ltd and 1.58% stake (343468 shares) in Goldiam international, showed BSE shareholding patterns of the respective companies. 

Garden Reach Shipbuilders and Engineers (GRSE) Limited is a Miniratna PSU under the Ministry of Defence Government of India. GRSE shipbuilding division consists of the construction of vessels for clients engaged in the defence sector shipping industry.

Majority of the products manufactured by GRSE are supplied to central and state governments and entities owned and controlled by such governments. Significant majority of the company's revenues are derived from sales of shipbuilding products to the Indian Navy and the Indian Coast Guard.