Latest news with #NextGenerationCorvettes
New Indian Express
07-07-2025
- Business
- New Indian Express
17 warships, nine submarines await approval
NEW DELHI: Approximately 17 warships and nine submarines of the Indian Navy are currently undergoing various stages of approval, according to sources on Sunday. This is in addition to the existing fleet of 61 warships and submarines, which are at various stages of construction. The newly approved vessels are slated for domestic construction. According to the sources, 'Request for Proposal of the Rs 70,000 crore project 17 B, for construction of seven Next Generation Frigates, along with the project to construct two Multi Purpose Vessels' is likely to be out soon. 'Project 75-India (I) and Project 75 (add-ons) are under advanced stages of the Cost Negotiation being done by the Committee (Cost Negotiation Committee-CNC),' added the source. Project 75-I is for the construction of six modern submarines, with an estimated cost of Rs 70,000 crore. Project 75 (add-ons) is for the construction of three Scorpene-class submarines, costing approximately Rs 36,000 crore. Another project, with a construction cost of approximately Rs 36,000 crore, belonging to the eight Next Generation Corvettes (NGC), is in the pipeline. These will result in a cumulative cost of over Rs 240,000 crore once approved. The Indian Navy's planning is based on capability and capacity building, rather than threat perception, which may change over time, according to Commodore Anil Jai Singh (Retd), a defence analyst. 'The addition of warships and submarines is for the replacement of the old platforms with those equipped with modern and improved technologies. These additions are also to cater for renewals,' Commodore Singh added. The addition of new capital ships and boats is significant, as the Chinese PLA Navy, with 355 warships and submarines, has become the largest navy in the world, with an increased presence in maritime bodies around the globe, including the Indian Ocean. India Navy's total fleet strength is over 130.
India Today
04-06-2025
- Business
- India Today
GRSE shares jump 10% today: What's fuelling the rally?
Garden Reach Shipbuilders and Engineers (GRSE) shares rose by up to 10% following the signing of a Memorandum of Understanding (MoU) with Kongsberg Oslo. This strategic move has drawn the attention of investors and industry observers. The collaboration aims at developing India's first Polar Research the Bombay Stock Exchange, GRSE shares were trading 5.16% higher at Rs 3,312.50, after hitting an intraday high of Rs 3,464.85. Around 1:05 pm, the shares continued to be 5.16% Minister Sarbananda Sonowal attended the signing ceremony on June 3 in Oslo, emphasising the strategic importance of the deal. The shares of GRSE reflected a 10% increase, showcasing the market's positive response. This agreement represents India's efforts to enhance scientific research capabilities with the construction of the Polar Research Vessel (PRV).The PRV will be equipped with advanced scientific technology to explore marine ecosystems and study the planet's historical and environmental changes. Minister Sonowal highlighted the commitment to scientific progress and sustainable addition to this collaboration, GRSE has emerged as the lowest bidder for the Indian Navy's Next Generation Corvettes (NGC) project, which is valued at over Rs 25,000 crore. This is expected to significantly expand GRSE's order book by constructing five of the eight planned corvettes, reinforcing its role in the defence faced a challenge when the Bangladesh government cancelled a $21 million order for an ocean-going tug. Nonetheless, GRSE's stock performance remains strong, showing a 100% increase this year and a 629% rise over the past two this, analysts hold a 'Hold' rating on the stock due to an average target price of Rs 2,341, suggesting a potential downside of nearly 30% from current his Oslo visit, Minister Sonowal participated in discussions on ocean business, aligning with India's "MAHASAGAR" initiative—Growth for All, which reflects broader objectives to enhance maritime capabilities and sustainable analysts recommend caution with a 'Hold' rating on GRSE shares, the long-term outlook remains promising as the government invests in the defence and research sectors. This strategic partnership, complemented by potential defence contracts, is expected to support GRSE's growth path.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Time of India
04-06-2025
- Business
- Time of India
GRSE shares hit 10% upper circuit after MoU with Norway's Kongsberg for India's first polar research vessel
Shares of 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)
Economic Times
04-06-2025
- Business
- Economic Times
GRSE shares hit 10% upper circuit after MoU with Norway's Kongsberg for India's first polar research vessel
Shares of 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). ADVERTISEMENT 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 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. ADVERTISEMENT 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 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. ADVERTISEMENT Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list 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. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
29-05-2025
- Business
- Business Standard
What's behind the 157% surge in Garden Reach Shipbuilders from March low?
Garden Reach Shipbuilders & Engineers (GRSE) share price today Garden Reach Shipbuilders & Engineers (GRSE) shares hit a new high of ₹3,031 on the BSE today, as they rallied 5 per cent in Thursday's intraday trade on a healthy business outlook. In the past three weeks, the stock price of the state-owned shipbuilding company has surged 71 per cent after it reported strong earnings for the quarter ended March 2025 (Q4FY25). GRSE share price has more-than-doubled, zooming 157 per cent, from its three-month low price of ₹1,180.10 which it touched on March 3, 2025. At 10:38 AM, GRSE shares were quoting 3 per cent higher at ₹2,974.10 as compared to 0.05 per cent rise in the BSE Sensex. GRSE Q4 results In the March 2025 quarter (Q4FY25), GRSE's revenue from operations moved up from ₹1,015 crore to ₹1,642 crore, registering a growth of 62 per cent year-on-year (Y-o-Y). Earnings before interest, taxes, depreciation and amortisation (Ebitda) moved up from ₹166 crore to ₹335 crore, registering a growth of 101 per cent Y-o-Y, and the profit after tax climbed from ₹114 crore to ₹244 crore, registering a 118 per cent growth Y-o-Y. This has been backed by a very strong physical performance, supported by an efficient and effective treasury management system, the management said. GRSE becomes L1 bidder for NGC Project On May 22, 2025, GRSE informed the stock exchanges that the company has bagged ₹25,000-crore order from the Indian Navy. "During the Commercial Negotiation Committee (CNC) meeting convened by the Ministry of Defence (MoD) for opening of commercial bids for the acquisition of eight Next Generation Corvettes (NGC) on May 21, 2025, the Commercial bids were opened and it was noted that GRSE became the lowest bidder (L1) for Construction of NGC for Indian Navy. The L1 bidder will be awarded five NGC ships at a likely value of more than ₹25,000 crore," GRSE said in an exchange filing. GRSE order book As on March 31, 2025, the company's order book stood at ₹22,652 crore. Further, despite the strong revenue accrual to the tune of nearly ₹5,000 crore, the management said the company managed to maintain the order book at ₹22,680 crore as on March 31, 2025. This comprises nine projects, consisting of 40 platforms, including 16 warships for the Indian Navy from 4 projects, three P-17 Alpha Frigates, 7 Anti-Submarine Shallow Watercraft, 2 Survey Vessels Large and 4 Next Generation Offshore Patrol Vessels. Meanwhile, the robust shipbuilding order pipeline, including large orders, such as the P-17 Bravo Frigates (eight units for ₹70,000 crore), the Next Generation Corvettes (NGC); eight units of ₹40,000 crore, project likely to be awarded in FY26, 18 next generation fast patrol vessels worth ₹3,000 crore, five next generation survey vessels worth ₹3,500 crore, 31 waterjet fast attack craft worth ₹3,000 crore, 12 mine countermeasure vessels worth ₹32,000 crore and several small projects of ₹1,500-₹3,000 crore. Elara Capital on GRSE According to analysts at Elara Capital, GRSE positively surprised on the top line in Q4FY25, led by execution ramp-up along with margin expansion due to operating leverage and provision reversal. Management reiterated its positive outlook with a strong order visibility, which will replenish order book from FY29. The company could be a potential beneficiary of the commercial shipbuilding thrust by the government, it said. The brokerage, however, has downgraded GRSE stock to 'Sell' from 'Accumulate' as growth is likely to peak in FY27. Besides, the stock has seen a sharp rally over the past three months, outperforming the Nifty index during the period. The brokerage firm expects an EPS CAGR of 2 per cent during FY25-28E with an average ROE of 26 per cent during FY26-28E. About Garden Reach Shipbuilders Garden Reach Shipbuilders & Engineers is a shipbuilding company operating under the Ministry of Defence. Headquartered in Kolkata, Garden Reach Shipbuilders plays a vital role in strengthening India's maritime capabilities, primarily focusing on the construction of sophisticated warships and vessels for the Indian Navy and Coast Guard. In addition to defence projects, the company also undertakes the construction of commercial vessels, highlighting its versatility in shipbuilding. Beyond its core shipbuilding operations, the company has diversified into engineering and engine-related activities. It manufactures a wide range of marine and industrial products including deck machinery, prefabricated steel bridges, and marine pumps. Its engine division specialises in the assembly, testing, and overhauling of MTU diesel engines. With a proven track record of delivering over 100 warships to Indian defence forces, Garden Reach Shipbuilders is also recognised as a major exporter in the global warship market. Its main shipbuilding facility is located at the Rajabagan Dockyard in India.
