Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) rose 5% to touch a day’s high of Rs 2,643 on 22nd May, after the company announced in an exchange filing that it had emerged as the lowest bidder for an Indian Navy project.

GRSE has emerged as the lowest bidder for building five Next Generation Corvettes (NGCs) for the Indian Navy, under a project valued at over Rs 25,000 crore.

The bidding outcome was revealed during a Commercial Negotiation Committee meeting led by the Ministry of Defence.

During its recent earnings call, GRSE said the total NGC project could be worth Rs 40,000 crore, which will be shared between two shipyards.

GRSE is expected to receive orders worth Rs 25,000 crore as the lowest bidder.

The company also shared plans to expand its shipbuilding capacity from 24 to 28 ships by the end of 2025.

Defence stocks have gained momentum since Operation Sindoor, following PM Modi’s push for more Made-in-India defence equipment.

At 10:27 AM, the shares of Garden Reach were trading 4.54% higher at Rs 2,614.10 on NSE.

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