Stock Market: Keep an eye on this defense stock, the company has received a big order

News Topical, Digital Desk : Garden Reach Shipbuilders & Engineers Ltd., a component of the Nifty India Defense Index, is expected to see action in the next trading session. The company announced receipt of an order after market hours on Friday. According to the company, the order came from a foreign company. The stock closed down nearly 1% on Friday.

What has the company reported?

In a filing with the stock exchange, the company stated that it has received a contract from a German company to build four hybrid multipurpose vessels. The contract includes the design, construction, and delivery of these vessels. The order is scheduled to be completed within 33 to 42 months. The order size for the construction of these four vessels is $62.4 million. These vessels will be 120 meters long and 17 meters wide and will be able to carry 7,500 metric tons of cargo at a time. How did the stock perform? On Friday, the stock closed down 0.86 percent at 2604. A year ago, the stock was trading below 1900. This means the stock's one-year return is 37 percent. The stock reached a high of 3535 on June 23rd of this year, its highest level of the year. On March 4th, the stock was at 1180, its lowest level of the year. This means the stock is down 26% from its year's high. Meanwhile, it has gained over 100% from its year's low. 

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