Lucknow Press
Defense sector stock market Rich Shipbuilders and Engineers Limited saw a rise during Thursday’s market. The stock touched its intra-day high of Rs 1812 with a rise of 6 percent. This rise in the shares is being seen after an order received by the company. In fact, the company informed that it has received an additional order for ships from a German company.
The company has received orders worth crores
The company informed that it has received an order from German shipping company Karsten Rehder Schiffsmäkler to build additional four multi-purpose ships, which cost Rs 5.4 crore. With this order, the total value of the order received by the company has become approximately Rs 10 crore 80 lakh. The company will design, build and deliver these ships within 33 months of signing the contract.
The government upgraded the company
Apart from this, on September 18, the government has upgraded the company from Schedule ‘B’ to Schedule ‘A’ CPSE. After this upgrade, the company has called it a very important milestone. This will boost the senior management capacity of GRSE. Along with this, there is also a possibility of improvement in the monitoring and management of the company’s business.
FII also increased its stake
At the same time, in the quarter of June 2024, FIIs have increased their stake from 3.26 percent to 3.91 percent. Also, after today’s surge, the market cap of the company has also crossed Rs 20 thousand crore. The company has increased its profit for 2024 by almost 100 percent.
