GRSE shares hit 10% upper circuit after MoU with Norway's Kongsberg for India's first polar research vessel
Garden Reach Shipbuilders and Engineers
(GRSE) hit the 10% upper circuit at Rs 3,464.8 on Wednesday after the company signed a Memorandum of Understanding (MoU) with Norway's Kongsberg Oslo to support the indigenous construction of India's first-ever
Polar Research Vessel
(PRV).
The MoU was signed on June 3 in Oslo in the presence of
Sarbananda Sonowal
, Union Minister for Ports, Shipping, and Waterways.
Commenting on the development, Sonowal said the agreement "signals India's unwavering commitment to scientific advancement and sustainable development." He noted that the vessel will feature advanced scientific equipment, enabling deep-sea research, marine ecosystem studies, and further exploration into the planet's past, present, and future.
During his visit, Sonowal also participated in ministerial discussions on shipping and ocean business, reaffirming India's vision of "MAHASAGAR"—Growth for All.
Also read:
Exclusive | Sensex will hit 1.5 lakh by 2030 & 3 lakh by 2035! Raamdeo Agrawal makes big prediction
Live Events
Earlier, in May, GRSE announced that it had emerged as the lowest bidder (L1) for the Indian Navy's Next Generation Corvettes (NGC) project, worth over Rs 25,000 crore.
In a regulatory filing, GRSE confirmed its participation in a Commercial Negotiation Committee (CNC) meeting convened by the Ministry of Defence on May 21 for the opening of bids to acquire eight NGC ships. Of these, GRSE is expected to be awarded five vessels. This move significantly strengthens the company's order book and reinforces its position in the defence shipbuilding sector.
Separately, GRSE also disclosed in May that the Bangladesh government had cancelled a $21 million (around Rs 180 crore) order for the construction of an advanced ocean-going tug.
Also Read:
India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list
GRSE Share Price Target and Performance
According to Trendlyne, the average target price for GRSE is Rs 2,341, implying a potential downside of nearly 30% from current levels. Of the two analysts tracking the stock, the consensus rating is 'Hold'.
The stock has surged 168% in the past three months and 629% over the last two years. GRSE's current market capitalisation stands at Rs 38,603 crore.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
13 minutes ago
- Time of India
NGT issues notices on alleged plastic waste violations by tobacco brands
The National Green Tribunal ( NGT ) issued notice on a plea from The Citizens Foundation, which alleges widespread non-compliance with the Plastic Waste Management Rules, 2016, by manufacturers of gutkha, pan masala, and tobacco products. The petition claims that banned plastic packaging materials are still being used and calls for strict enforcement of existing regulations. This includes the closure of units violating the rules and the recovery of environmental compensation. A judicial bench led by Justice Prakash Shrivastava and Expert Member Dr. A. Senthil Vel has issued notices to relevant authorities, including the Central Pollution Control Board (CPCB) and the Delhi Pollution Control Committee (DPCC), seeking their responses. Counsel for the petitioner pointed out that, despite the CPCB's earlier directives, issued on October 22, 2021, under the Environment (Protection) Act, 1986, to 25 manufacturers to halt operations unless they adopted eco-friendly packaging, these directives remain unimplemented. The CPCB had instructed the defaulting companies to submit a timeline for switching to sustainable materials and to pay Environmental Compensation (EC) with interest for any delays. The plea highlights violations of Rules 4(f) and 4(i) of the 2016 Rules, which prohibit the use of plastic sachets and specific polymers in packaging gutkha and related products. CPCB's previous reports suggested that such non-compliance could result in stern penalties, including seizure of goods, shutting down of factories, and levies of Rs 5,000 per ton of plastic used. Repeat offences could attract additional fines of up to Rs 20,000 per ton. The applicant also cited a CPCB report from January 2021, which outlines enforcement under the Extended Producer Responsibility (EPR) regime. According to this, delayed EC payments could be penalised with annual interest ranging from 12 per cent to 24 per cent. Delays exceeding three months could lead to factory closures and criminal prosecution under Section 15(1) of the Environment Protection Act. Recognising the gravity of the environmental concerns raised, the NGT has scheduled the next hearing for September 26, 2025. The applicant must serve notices on the remaining respondents and file an affidavit of service one week prior to the scheduled date, as stated by the Tribunal.
India.com
13 minutes ago
- India.com
Rs 200000000000: This company makes big announcement, plans major investment in…, the company is…
Home Business Rs 200000000000: This company makes big announcement, plans major investment in…, the company is… Rs 200000000000: This company makes big announcement, plans major investment in…, the company is… A key pillar of this strategy is ITC's foray into the online food services space through a fast-scaling food-tech platform. ITC Limited, the company involved in sectors as wide-ranging as cigarettes, hotels, and beyond, has a phenomenal medium-term investment plan. The company will be investing Rs 20,000 crore to expand its manufacturing presence in various categories. Sanjiv Puri, the company's chairman, announced the company's exclusive investment during the Annual General Meeting. Sanjiv Puri stated that, as part of its growth strategy, the company has recently set up eight new manufacturing facilities in recent years. The units focused on FMCG, sustainable packaging, and value-added agri-products for export. Furthermore, he stated the focus of the company would be its 'Bharat First' strategy of building its business in India first before expanding internationally. He said, even as the company strengthens its presence in India, there are new brand launches that reinforce the company's plan to build more value into the business. While speaking at the Annual General Meeting, Sanjiv Puri, the company's chairman, said that 'Global turbulence has exposed the fragility of traditional supply chains.' 'Encouraged by the promise of the Indian economy, your company has invested in eight world-class manufacturing facilities in the recent past, with an outlay of nearly Rs 4,500 crore,' Puri informed shareholders at the company's Annual General Meeting held virtually. 'As we continue to scale new horizons, ITC plans to invest Rs 20,000 crore across businesses in the medium term,' Puri said, without providing further details. He had earlier announced this investment plan during the 2024 AGM speech. The investment could span in areas such as FMCG, sustainable packaging and export-oriented value-added agricultural products. As we continue to scale new horizons. While he did not provide a specific timeline for the proposed capex, Puri said the investment will be directed toward areas aligned with the company's 'ITC Next' strategy, which seeks to build a future-ready portfolio through both organic and inorganic expansion. He said the company has built 40 state-of-the-art manufacturing assets, enriching ITC's robust ecosystem of 250 dedicated factories and 7,500 MSMEs. 'Across your company's businesses, over 90 per cent of value-addition takes place in the country, enlarging ITC's contribution to the economy,' he noted. A key pillar of this strategy is ITC's foray into the online food services space through a fast-scaling food-tech platform. 'A new vector of growth envisioned in the ITC Next strategy is your company's Food-Tech business, which leverages your company's strengths in foods, hotels and digital technologies to tap into the fast-growing online food services segment,' Puri said. The business has already scaled up to 60 cloud kitchens across five cities under four brands — ITC Master Chef Creations, Aashirvaad Soul Creations, Sunfeast Baked Creations, and Sansho by ITC Master Chef. 'This business has registered a CAGR of 108% in the 3 years since inception, setting new benchmarks in culinary innovation and tech-enabled operations, gaining increasing consumer franchise,' he said, adding that the platform is now being progressively introduced across the country. On ITC's global outlook, Puri reiterated that its global ambitions are anchored in a strong domestic foundation. 'It is our firm belief that Indian brands must adorn the global stage and towards that, establish an enduring legacy in Bharat first, before making an impact overseas,' he said. ITC's FMCG portfolio currently represents an annual consumer spend of over Rs 34,000 crore and reaches more than 260 million households across India, with a growing presence in over 70 international markets. 'The growing consumer patronage and trust over the years for your company's products emboldens our aspiration to expand our FMCG portfolio with the overarching ambition to serve domestic and global consumers with these world-class home-grown brands of impeccable quality,' Puri said. The company launched over 100 new products last year across categories such as health and nutrition, hygiene, naturals, convenience and on-the-go, while continuing to build on mega brands and pursue value-accretive acquisitions like 24 Mantra Organic, Prasuma, Yoga Bar and Mother Sparsh. Responding to shareholder queries, Puri said the company had introduced over 300 new products in the past three years, highlighting innovation as a continuing priority to meet dynamic consumer preferences. On the performance of the paperboards and packaging business, Puri acknowledged that it remains a 'cyclical industry' currently facing headwinds due to 'dumping of cheap imports and a surge in wood prices'. He added that the industry has sought 'safeguard measures' from authorities to address structural challenges. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on
India.com
13 minutes ago
- India.com
Days after ED raid, good news for Anil Ambani, this company earns Rs 590000000 for…
Anil Ambani (File) Reliance Infrastructure posted a net profit of Rs 59.84 crore for the first quarter ended June 2025, compared to a net loss of Rs 233.74 crore in the same quarter of the previous financial year (2024–25). Total income for the quarter stood at Rs 6,035.59 crore, down from Rs 7,256.21 crore recorded in the corresponding period last year. Reliance Infra Q1 Results However, on a sequential basis, total income rose significantly from Rs 4,268.05 crore in the quarter ended March 2025 to Rs 6,035.59 crore in the June 2025 quarter. Over 51434 new households added in Delhi Discoms in Q1 FY25-26; Total households:~ 52.78 lakh. Transmission & Distribution (T&D) loss reduced below 6.5%, on rolling basis, in Delhi Discoms backed by high operational efficiencies. Delhi Discoms successfully met combined Peak Demand of 5,607 MW during Q1 FY25-26.
