Garden Reach Shipbuilders is riding high today morning; from its close of Rs.789.20, it opened much higher today at Rs.795.45 and went on to hit a new 52-week high at Rs.844.45.

The reason for the upbeat mood is on account of the signing up of an MoU with DEMPO Group to launch a collaboration model to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar.

This is the company’s maiden attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic as well as international.