GRSE shares fell over 1% on Tuesday even as the shipbuilder secured a Rs 37.94 crore order to build an electric harbour tug.

The order itself is a positive one. GRSE has received a Letter of Intent from the Syama Prasad Mookerjee Port Authority in Kolkata to build an electric battery powered harbour tug.

The deal is worth Rs 37.94 crore, including taxes, and covers construction of one 15 tonne tug along with shore charging infrastructure for the Kolkata Dock System.

The company received this letter on August 3. This order builds on something that was already in motion.

GRSE had emerged as the lowest bidder for this same tender back in June, and this LOI now formalises that win.

It also fits into a bigger push, ports across India are being encouraged to shift away from diesel tugs towards electric ones under the government’s Green Tug Transition Plan.

The order news comes right after a strong quarter for the company. GRSE’s net profit for the June quarter jumped 43.8% year on year to Rs 172.8 crore, while revenue climbed 38.5% to Rs 1,814.6 crore.

Operating profit also grew, though margins narrowed slightly due to higher raw material costs.

Despite these strong numbers and the new order, the stock hasn’t reacted positively today, which sometimes happens when broader market sentiment is weak or when investors had already priced in the good news.

At 14:10, GRSE shares were trading at Rs 2,548.90 on the NSE, down 1.31% for the day.

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