Rs 1.44 Dividend Soon: Defence PSU Garden Reach Inks MoU With NHIDCL, Shares Jump

Mid cap Aerospace & Defence sector PSU Garden Reach Shipbuilders & Engineers (GRSE) shares zoomed up to 7% in trade today after the company signed a Memorandum of Understanding (MoU) with National Highway Infrastructure Development Corporation Ltd. (NHIDCL). Current share price of Garden Reach Shipbuilders shares on BSE is Rs 1828.00 per share. GRSE shares jumped 125% in last 6-months but declined 24.88% in last 1-month only. Garden Reach Shipbuilders has a market capitalisation of Rs 20,940.11 crore. GRSE's Board Of Directors recommended a final dividend of Rs 1.44 per equity share on May 22, 2024 and set September 13, 2024 as the record date. Check details below:

Garden Reach Shipbuilders Inks MoU With NHIDCL: As per the exchange filing of the company issued today, "Garden Reach Shipbuilders & Engineers Ltd. (GRSE), achieved yet another momentous milestone by securing a groundbreaking deal with the National Highway Infrastructure Development Corporation Ltd. (NHIDCL) for the fabrication, supply and launching of Double-Lane Class 70 modular steel & Bailey bridges. This landmark agreement entails the construction and delivery of Class 70R DoubleLane Bridges, designed exclusively by GRSE, to enhance connectivity in critical forward areas along India's borders, facilitating seamless troop and equipment deployment."
Unparalleled in its innovation, the Double-Lane Steel Bridge developed by GRSE stands as the sole indigenous solution of its kind, in line with India's Aatmanirbhar Bharat Abhiyan. Under similar MoU signed with Border Roads Organization (BRO), GRSE has already supplied 44 nos. Bridges Pan -India, added the BSE filing.

Garden Reach Shipbuilders Share Performance: The 52-week high price of GRSE share on BSE is Rs 2309.50 per share (as on 01/07/2024) and 52-week low price is Rs 558.60 per share (as on 04/07/2023). Garden Reach Shipbuilders shares soared offered return of 31.7% in last 1-week only, gained 164% in last 6-months, offered return of 301% in last 1-year, and stunning returns of 944% in last 2-years.

Garden Reach Shipbuilders & Engineers (GRSE) Dividend: As per the BSE filing of the PSU dated May 22, "Board of Directors of the Company has recommended a final dividend of Rs 1.44 per equity share for the Financial Year 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company. The final dividend would be paid within 30 days from the date of its declaration at the 108th AGM of the Company." The 108th AGM will be held on September 20, 2024.

GRSE Sets Record Date For Final Dividend: The exchange filing added, "the final dividend for financial year 2023-24, if declared at the 108th AGM, will be payable within 30 days from the date of declaration to those members whose names appear on the Company's Register of Members / Beneficial Owners as at the closure of business hours on 13th September, 2024 (record date)."

About: The journey of Garden Reach Shipbuilders & Engineers Ltd., a premier Warship building Company in India, under the administrative control of Ministry of Defence, a PCMM Level-2 Certified Company, dates back to 1884 when it started its journey as a small workshop to repair vessels of River Steam Navigation Company. The Company was taken over by the Government of India in 1960. GRSE has the distinction of becoming the first shipyard of independent India to build a warship for Indian Navy, the Seaward Defence Boat (SDB) INS Ajay, way back in 1961.

Disclaimer:

The company inked MoU with NHIDCL. It is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.