Garden Reach Shipbuilders & Engineers’ shares surged over 3% on Monday following the receipt of a Letter of Intent (LoI) from the Ministry of Defence for an Acoustic Research Ship (ARS) project worth ₹491 crore. The contract involves design, construction, and integration of equipment, with a 36-month execution timeline.

The company’s stock hit an intraday high of ₹1,870 per share, later trading at ₹1,833.70. Earlier, Garden Reach also secured a ₹226.18 crore order from West Bengal’s Transport Department for hybrid electric ferries and another $108 million order for a multi-purpose vessel.

Garden Reach Shipbuilders has seen its stock price climb by nearly 111.59% since the start of the year, reflecting a gain of over 163% in the past year.