Shares of Garden Reach Shipbuilders and Engineers (GRSE) rose over 4% on Tuesday morning after the Defence Ministry announced contracts worth Rs 53,866 crore with the state-run shipbuilder and Goa Shipyard Limited (GSL) for the construction of eight next-generation warships for the Indian Navy.
The GRSE stock was trading at Rs 2,183.80 on the NSE, up Rs 137 or 6.69%, as of 9:50 am on November 3.
The contracts, signed on Monday, cover the acquisition of eight next-generation corvettes featuring advanced missiles, weapons and sensor suites.
The warships are expected to bolster the Indian Navy's combat capabilities, particularly in the Indian Ocean, amid China's increasing forays into the region.
Under the contracts, GRSE will construct five corvettes, while GSL will build the remaining three, the Defence Ministry said.