There is a rush to buy shares of Garden Reach Shipbuilders and Engineers Ltd, an aerospace and defense company. On Tuesday, the second trading day of the week, the stock surged nearly 18 percent to close at Rs 2,065.25. The stock also has a 52-week high.
The stock closed at Rs 1946.95, up 11.14% from a day earlier. In July 2023, the stock was priced at Rs 558.60, a 52-week low. The stock has given a multibagger return of over 120 percent on a year-to-date (YTD) basis. However, experts are still bullish on this stock.
Ravi Singh, senior vice-president (retail research) at Religare Broking, said the stock is likely to touch the Rs 2,150 level. Keep the stop loss at Rs 1,920. However, Osho Krishnan, Senior Research Analyst, Technical and Derivatives, Angel One, said the company has performed strongly this calendar year.
The stock is currently in the overbought zone. Caution is advised in such situations. Keep this stock under your radar with proper risk management. At the same time Jigar S Patel of Anand Rathi Shares and Stock Brokers said that the support of the stock will be at Rs 1,900 and breakout at Rs 2,100.
Recently the company has signed an agreement with a German based shipping company on Saturday. The contract is for the construction and supply of four multi-purpose cargo ships, an official said.
The contract is worth approximately US$ 54 million and is scheduled to be completed in 33 months. These vessels will be 120 meters long and 17 meters wide and each vessel will be able to carry 7,500 tonnes of cargo.
Garden Reach Shipbuilders and Engineers is a shipbuilding company under the administrative control of the Ministry of Defence. As of March 2024, the government holds 74.50 percent stake in the company.
Note: Do not invest in stock market without knowledge. Before investing in any shares you should talk to your financial advisor once. Failure to do so may result in financial losses.
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