This defence PSU stock has gained over 30% in five sessions; here is all you need to know

After rising 20% on Wednesday, shares of Garden Reach Shipbuilders and Engineers (GRSE) further extended gains on Thursday, March 20, after the company signed a Memorandum of Understanding (MoU) with PWD Nagaland for a project in the state.

Following this, shares surged 5% to ₹1,723.45 apiece on the National Stock Exchange. At 1:42 PM, the stock was trading 5.71% higher at ₹1,735.15 per share on the 50-share index.

“This landmark MoU marks the first ever MoU between GRSE and a Northeastern State, aligning with the Government of India’s Make in India initiative for accelerated regional development,” the company further said.

The MoU was signed by DIG Subrato Ghosh, ICG (Retd.), Director (Personnel), GRSE, and Shri Swarai Meru, Chief Engineer, PWD Nagaland in Kohima on 19 Mar 25 in the presence of Shri Natarajan Partheepan, General Manager (Bailey Bridges), GRSE.

Shares of GRSE have gained over 30.6% in the last five trading sessions. Over a month’s period, the scrip has soared almost 29%. Year-to-date, the scrip has advanced 5.26%; however, since March 20, 2024, GRSE shares have gained over 130%.

According to National Stock Exchange data, the market capitalisation of GRSE is at ₹19,876.49 crore. The stock had touched its 52-week high of ₹2,833.80 apiece on July 5, 2024.

Previously, the defence PSU has delivered modular bridges to the Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation Ltd (NHIDCL), apart from several state governments and friendly countries like Bhutan, Nepal, Myanmar, Sri Lanka and Bangladesh. Till date, GRSE has supplied over 5,800 modular bridges.

GRSE recently completed the contractor sea trials of two warships, Himgiri and Androth. The stock has been rising for the fifth consecutive session on Thursday.