Garden Reach Shipbuilders shares hit record high in early deals as the company wins $21 million order

Garden Reach Shipbuilders’ shares jumped nearly 10% on Monday after the company received a contract with the Bangladesh government to build an Advanced Ocean-Going Tug.

According to an exchange filing, the company will be engaged in the Ocean Going Tug Vessel’s design, construction and delivery.

Garden Reach is expected to complete this approximately $21 million order during the next 24 months.

The tug will have an overall length (LOA) of around 61 meters, a width of approximately 15.80 meters and a depth of approximately 6.80 meters.

The order comes only a couple of days after the company signed a contract with a German company to provide at least four multi-purpose cargo vessels.

Garden Reach shares rose 9.97% to a record high of Rs 2309 in early BSE trading. Garden Reach shares witnessed a record turnover of Rs 112.19 crore today, with 4.97 lakh shares changing hands on the BSE. Garden Reach’s shares fell to a 52-week low of Rs 558.60 on July 4, 2023.

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