GRSE and Nagaland sign deal for modular steel bridges

Garden Reach Shipbuilders & Engineers (GRSE) shares rose 8.5% after signing a deal with the Public Works Department (PWD) of Nagaland. The agreement is to deliver eight double-lane modular steel bridges in the state. This partnership is the first of its kind for GRSE with a North Eastern state in India and supports the government's Make in India initiative. The Memorandum of Understanding (MoU) was signed in Kohima on March 19. Key officials from both GRSE and PWD Nagaland were present at the signing. The MoU highlights GRSE's ongoing efforts to contribute to infrastructure development in India. GRSE shares traded at ₹1780.05 in morning trading, continuing a strong performance that saw a nearly 20% gain the previous day. The company's stock has increased by more than 130% over the last year. GRSE has a solid track record in providing modular bridges to various organizations. They have delivered over 5,800 bridges, including to countries like Bhutan, Nepal, and Myanmar. Their revenue has also shown impressive growth, with a 34% year-on-year increase reported for the December quarter.