Garden Reach Shipbuilders & Engineers announced today morning that it has emerged the Lowest bidder (Ll) for construction of a Research Vessel for Defence Research and Development Organisation (DRDO).

The order value is likely to be Rs. 500 crores approx.

The contract is currently under negotiation and has not yet been signed.

The market is apparently happy with this news as the stock price is in the green.

Opening over 2.5% higher at Rs.1334.45, the stock rose 8.5% to an intraday high at Rs.1408. Its 52-week high stands at Rs.1520.