Multibagger Defence PSU stock surges 10% after signing Rs 172 crore deal - Do you own?

Garden Reach Shipbuilders Share Price NSE, BSE: Shares of aerospace and defence company Garden Reach Shipbuilders & Engineers surged 10 per cent on Friday after the company said that it has signed a contract with the Government of Bangladesh. The counter opened at Rs 2115.05 on the BSE and surged 10 per cent to touch the intraday high of Rs 2309.50. The counter had closed at Rs 2099.55 in the last trading session.

Garden Reach Shipbuilders Order Details

According to the information shared with the exchanges, the company has signed a contract for the construction of an Advanced Ocean Going Tug for Govt. of the People's Republic of Bangladesh. According to the filing, the total order value is approx. $21 million or Rs 172 crore.

The filing said that Garden Reach Shipbuilders will complete the project in 24 months. 

"In terms of Regulation 30 of SEBI (LODR) Regulations, 2015, we wish to inform you that the Company has signed Contract for signed for Construction of an Advanced Ocean Going Tug for Govt. of the People's Republic of Bangladesh. The total order value is approx. 21 Million USD," the filing reads.

A few weeks ago, the shipbuilder signed another Contract for the Construction and Delivery of (04) Multipurpose Vessels of 7500 DWT each with M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co. The approx. order value is 54 Million USD.

Garden Reach Shipbuilders Share Price History

The shares of the Defense PSU stock has given good returns to the shareholders. It has given a return of 32 per cent in one week, 42 ​​per cent in 2 weeks, 69 per cent in one month and 186 per cent in 3 months. The stock has given a multibagger return of 164 per cent in the last 6 months and 164 per cent so far this year. The stock has surged 300 per cent in the last year and 945 per cent in two years.