https://sputniknews.in/20240702/indian-shipbuilders-shares-soar-200-as-exports-surge-7760159.html
Indian Shipbuilders' Shares Soar 200% as Exports Surge
Indian Shipbuilders' Shares Soar 200% as Exports Surge
Sputnik India
Shares of Indian shipbuilding behemoth GRSE have risen by nearly 200 percent in the last three months and rose again, this time by 5 percent today, hours after the Kolkata-based firm announced an export order for an advanced tug to be built for the Bangladesh Navy.
2024-07-02T21:13+0530
2024-07-02T21:13+0530
2024-07-02T21:13+0530
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Shares of Indian shipbuilding behemoth, GRSE, rose by nearly 200% in the last three months, and by another 5% today, hours after the Kolkata-based firm announced an export order by the Bangladesh Navy for an advanced tug.GRSE's stock was priced at INR 807 on April 1 this year, before closing at INR 2,407 on the National Stock Exchange (NSE) on Tuesday.Shares of the company have been breaking new ground, especially after a $6-billion target for defenсe exports was set by the Ministry of Defence (following the return of the Narendra Modi-led government to power last month).In June, Minister Rajnath Singh emphasized that the export increase of military items, especially to neighboring nations, will be one of the thrust areas of his cabinet in the next five years. He stated that exports in the 2023-24 fiscal year have reached a historical record of almost $2.5 billion. The goal in the 2028-2029 financial year has been set for $6 billion.Meanwhile, GRSE said in a statement on Monday that it will deliver the naval vessel, estimated at a $21-million construction cost, to Bangladesh in the next 24 months.
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Indian Shipbuilders' Shares Soar 200% as Exports Surge
India aims to expand its market share in defense exports, with state-run firms like Hindustan Aeronautics Limited (HAL) and Garden Reach Shipbuilders & Engineers Ltd (GRSE), playing a key role in the pursuit.
Shares of Indian shipbuilding behemoth, GRSE, rose by nearly 200% in the last three months, and by another 5% today, hours after the Kolkata-based firm announced an export order by the Bangladesh Navy for an advanced tug.
GRSE's stock was priced at INR 807 on April 1 this year, before closing at INR 2,407 on the National Stock Exchange (NSE) on Tuesday.
Shares of the company have been breaking new ground, especially after a $6-billion target for defenсe exports was set by the Ministry of Defence (following the return of the Narendra Modi-led government to power last month).
In June, Minister
Rajnath Singh emphasized that the export
increase of military items, especially to neighboring nations, will be one of the thrust areas of his cabinet in the next five years. He stated that exports in the 2023-24 fiscal year have reached a historical record of almost $2.5 billion. The goal in the 2028-2029 financial year has been set for $6 billion.
Meanwhile, GRSE said in a statement on Monday that it will deliver the naval vessel, estimated at a $21-million
construction cost, to Bangladesh in the next 24 months.
