Shares of Garden Reach Shipbuilders & Engineers Ltd are trading flat after hitting a day’s high of Rs 1,374.40 on 20th February, despite the company signing a contract with the Ministry of External Affairs to fund the normal refit of the Mauritius Coast Guard Ship Barracuda.

The order is valued at Rs 123.97 crore plus 15% for additional work, spares, and growth-related tasks. The refit includes services and mandatory spares, with extra spares counted as work growth.

Garden Reach built and delivered the MCGS Barracuda warship to the Mauritius government in 2014 for Coast Guard use. The new contract is funded as a grant by the Ministry of External Affairs.

The refit work is set to be completed within 10 months from the ship’s repair availability.

The stock is currently 48.9% down from its all-time high of Rs 2,833.80. It has fallen 24.11% in the past six months but has gained 63.33% over the past year.

At 12:56 PM, the shares of Garden Reach were trading 0.037% higher at Rs 1,352.30 on NSE.

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