Multibagger defence stock Garden Reach Shipbuilders jumps 6%, extends gains to 5th day on signing MoU with PWD Nagaland

Stock market today: Shares of defence PSU Garden Reach Shipbuilders & Engineers (GRSE) rallied over 6% in morning trade on Thursday, March 20, extending gains to the fifth straight session, after signing a Memorandum of Understanding (MoU) with PWD Nagaland for Modular Steel Bridges.

The multibagger stock opened at ₹1734.95, higher than the previous close of ₹1641.15 and extended gains to the day's high of ₹1746.10.

GRSE signs MoU with Nagaland PWD

Earlier today, the stock informed exchanges that it had signed an MoU with PWD Nagaland to supply eight sets of Double Lane Modular Steel Bridges. This marks the first MoU between GRSE and North Eastern State, the company said in an exchange filing.

"The MoU was signed by DIG Subrato Ghosh, ICG (Retd.), Director (Personnel), GRSE, and Shri Swarai Meru, Chief Engineer, PWD Nagaland in Kohima on 19 Mar 25 in the presence of Shri Natarajan Partheepan, General Manager (Bailey Bridges), GRSE," the PSU company added.

GRSE, till date, has supplied over 5,800 modular bridges to various entities like Border Roads Organisation (BRO) and the National Highway Infrastructure Development Corporation Ltd (NHIDCL), apart from several state governments and countries like Bhutan, Nepal, Myanmar, Sri Lanka and Bangladesh.

Stock price trend

Today is the fifth straight day of gains for the stock, with the scrip rising as much as 31% during this period. In the previous trading session alone, the stock surged as much as 20% to its upper circuit limit after German lawmakers passed a major spending package on Tuesday, unlocking billions of euros in debt financing for defence and infrastructure.

Meanwhile, GRSE has turned out to be a multibagger stock for its investors, rallying 127% in the past one year. In the past five years, the stock has surged a whopping 1125%.

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