GRSE share price: The stock surged 14.84 per cent to hit a lifetime high of Rs 1,869.45. It was last seen trading 10.25 per cent higher at Rs 1,794.70 today. At this price, the counter has gained 30.24 per cent in five trading days.
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Garden Reach Shipbuilders & Engineers Ltd (GRSE) shares on Tuesday extended their winning run for the fifth consecutive session. The stock surged 14.84 per cent to hit a lifetime high of Rs 1,869.45. It was last seen trading 10.25 per cent higher at Rs 1,794.70 today. At this price, the counter has gained 30.24 per cent in five trading days. With that being said, it has given multibagger returns by rallying 105.31 per cent on a year-to-date (YTD) basis.
The stock saw heavy trading volume on BSE as around 3.12 lakh shares were last seen changing hands. The figure was higher than the two-week average volume of 2.18 lakh shares. Turnover on the counter came at Rs 55.56 crore, commanding a market capitalisation (m-cap) of Rs 20,536.31 crore.
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A majority of defence counters are on the rise after Union Minister Rajnath Singh announced that the country aims to double military exports to Rs 50,000 crore within the next five years.
Earlier this month, the company has emerged as the lowest bidder for construction of a research vessel for Defence Research and Development Organisation (DRDO). The order value is around Rs 500 crore.
Also, GRSE has entered into a contract with the Bangladesh Inland Water Transport Authority (BIWTA) for procurement one trailing suction hopper dredger (Capacity 1000 m3) with spare parts. The total contract value is $1,65,75,210.
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Technical analysts largely remained positive on the counter. Support could be seen at Rs 1,700 level. On the higher side, a decisive close above Rs 1,867 is required for further upside.
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “GRSE has surged in the current financial year, propelling it to record highs. In the recent period, the counter has witnessed a breakout from the Rs 1,420-1,400 subzone, which now should be acting as a strong support for upcoming blips/profit booking. The trend remains buoyant and it is poised to continue its upward move.”
However, one should not become complacent and should keep a pragmatic approach to utilise dips to accumulate from short- to medium-term perspective, he added.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, “The stock looked strong on daily charts. It can hit an upside target of Rs 1,950 in the near term. Keep stop loss placed at Rs 1,720.”
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 1,700 and resistance at Rs 1,867. A decisive close above the Rs 1,867 level may trigger a further upside towards Rs 1,950. The expected trading range will be between Rs 1,600 and Rs 2,000 a month.”
As of March 2024, promoters held a 74.50 per cent stake in the aerospace and defence firm.
