Defence PSU Stock in Focus: Company delivers second survey vessel to Indian Navy Kolkata | 103% return in 1 year

Defence PSU Stock in Focus: Shares of defence PSU company Garden Reach Shipbuilders and Engineers (GRSE) Ltd are in focus as the company has delivered survey vessel INS Nirdeshak to the Indian Navy.

INS Nirdeshak is the second in a series of four such vessels being constructed by GRSE. The company delivered the first vessel to the Navy in December 2023, 10 months ago. 

"These are the largest survey vessels for the Indian Navy to be built in the country," a GRSE official said.

Garden Reach Shipbuilders and Engineers Share Price 

Meanwhile, the stock of Garden Reach Shipbuilders & Engineers had closed at Rs 1,662.90, with a gain of around 8.22 per cent from the previous close of Rs 1536.55.

The stock of GRSE, which has a market cap of Rs 19,048 crore, has a 52-week high of Rs 2,834 and a 52-week low of Rs 648.05. 

The PSU stock has given a multibagger return of 103 per cent in one year and 323 per cent in two years. So far this year, the counter has gained around 90 per cent.

INS Nirdeshak will join INS Sandhayak

At 110 metres long, INS Nirdeshak will join INS Sandhayak, the first Survey Vessel Large (SVL) delivered by GRSE, to keep the country's naval forces equipped with the latest survey data, which is essential for operations.

The Sandhayak-class SVLs can undertake surveys of maritime limits and collect oceanographic and geographical data for defence applications, which adds muscle to India's maritime capabilities, the GRSE official said.

These vessels can each carry a helicopter and participate in low-intensity combat and function as hospital ships.

"We are proud to deliver this ship 10 months after the first one in the series," GRSE chairman and managing director Cmde P R Hari (retd) said.

He said these warships have a high percentage of indigenous content and are in keeping with the Union government's policy of self-reliance.

Hari said GRSE is at present building 17 more warships for the Indian Navy, including three P-17A advanced frigates, eight anti-submarine warfare shallow water crafts and four next-generation offshore patrol vessels.

With PTI inputs