GRSE share price hits 52-week high after Kongsberg MoU for India's first polar research vessel

Shares of Garden Reach Shipbuilders & Engineers Ltd . (GRSE) rose almost 10% on Tuesday, on the back of the new memorandum of understanding that the state-run defence shipbuilder has signed with Norway’s famous Kongsberg Maritime to build India’s first indigenous Polar Research Vessel (PRV).

On June 4, the scrip hit a 52-week high of ₹3,464.85. It opened at ₹3,184, up from its previous day’s close of ₹3,149.90, and quickly hit the upper circuit. As the day progressed, the scrip’s gains moderated slightly, with the share price climbing down to ₹3,312.30 by 1:00 pm, although it has been still up over 5% for the day.

GRSE’s stock, which is a known multibagger, has already given a year-to-date return of 104%, with the scrip having gained a whopping 168% over the last 90 days alone, making GRSE as one of the best performers in the defence and public sector cohort.

The newly announced PRV project marks a significant technological milestone in India's maritime research ambitions. Under the MoU, Norway’s Kongsberg Maritime will provide design expertise while GRSE will execute the construction at its Kolkata shipyard. The vessel is intended to support scientific expeditions led by the National Centre for Polar and Ocean Research, giving India a critical homegrown capability in the strategic polar domain.

On the news of the MoU, India's Minister for Ports, Shipping and Waterways Sarbananda Sonowal said in a statement: “The vessel will be equipped with the latest scientific equipment, enabling our researchers to explore the oceans’ depths, study marine ecosystems, and unlock new insights into our planet’s past, present, and future.”

A leading defence public sector undertaking (PSU), GRSE has long been a backbone of India’s naval shipbuilding, delivering a wide array of advanced platforms ranging from warships to oceanographic research vessels. The PRV deal underscores the company's ability to scale into niche, complex vessel types that demand both technical precision and strategic relevance.

The stock’s rapid appreciation is reflective of broader defence stocks’ attractiveness, especially in the immediate context of global and regional geopolitical tensions, which have driven up demand for India’s indigenous military and research infrastructure.