Shares of the state-run defence corporation, Garden Reach Shipbuilders & Engineers Ltd, skyrocketed 10% on Wednesday, 4 June, following the signing of a Memorandum of Understanding (MoU) with Norway’s Kongsberg.

According to the Press Information Bureau (PIB), the MoU will allow India to build its first Polar Research Vessel (PRV) indigenously.

As part of the MoU, Garden Reach will obtain design expertise for the northern scientific Vessel, taking into account the needs of the National Centre for Polar and Ocean Research, which will use it for scientific activities in the northern and southern oceans.

Garden Reach will also leverage its experience building sophisticated maritime platforms, such as warships and survey and research boats, to construct this PRV at its yard in Kolkata.

“The vessel will be equipped with the latest scientific equipment, enabling our researchers to explore the oceans’ depths, study marine ecosystems, and unlock new insights into our planet’s past, present, and future,” India’s Minister for Ports, Shipping and Waterways Sarbananda Sonowal was quoted as saying.

Garden Reach reported a 61.7% rise in revenue for the March quarter compared to the same quarter last year, with Earnings Before Interest, Tax, Depreciation, and Amortization increasing by 144% year on year.

Management also expressed optimism that the fiscal year 2026 will be a better year than the fiscal year 2025, given its execution skills and prospective order pipeline.

At 11:47 am, the shares of Garden Reach were trading 6.43% higher at Rs 3,353 on NSE.

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