Garden Reach Shipbuilders & Engineers (GRSE) shares hit a 52-week high of Rs 844.45 during the early trade session on 28 August after the company entered into a deal with DEMPO Group.

Garden Reach Shipbuilders & Engineers has entered into a deal with DEMPO Group to launch a collaboration model to produce commercial vessels in three premier shipyards at Goa and Bhavnagar. 

This is the company’s first attempt to diversify in commercial shipbuilding to capture a larger pie in the market of constructing commercial vessels, both domestic and international. 

In July, the company announced the launch of an autonomous underwater vehicle that is lightweight and man-portable. 

The company developed the autonomous underwater vehicle in collaboration with Aerospace Engineering Private Ltd. as an industry partner.

During its April-June quarterly report, the company reported a 52.8% YoY increase in net profit at Rs 76.68 crore and a 30.3% YoY increase in revenue from operations at Rs 755.90 crore. 

At 12:00 pm, the Garden Reach Shipbuilders & Engineers shares were trading at Rs 809.45 or 2.60% above its previous close on NSE.