Shipbuilding stocks: GRSE, CSL, MDL shares rise up to 28% on BSE, here to know
Shipbuilding stocks like GRSE, Mazagon Dock, and Cochin Shipyard surge up to 6% on the BSE amid strong trading volumes during Thursday's session.
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New Delhi: Under strong volume, shares of shipbuilding companies including Garden Reach Shipbuilders & Engineers (GRSE), Mazagon Dock Shipbuilders (MDL) and Cochin Shipyard (CSL) have surged by up to 6% on the BSE on Thursday's intra-day trade.
Trading higher for the second straight day, these stocks have surged up to 28% over the past two days. Reports that the Indian government will shortly release its second edition with a budgetary corpus of Rs 40,000 crore, with a particular focus on shipbuilding, repair, and recycling, drove the fast up movement in the stock prices of ship construction businesses.
The Sagarmala 2.0 program is helping the government to establish India as a worldwide marine leader, close important infrastructural gaps with new investments, and stimulate coastal economic growth. Supported by Rs 40,000 crore in government backing, it seeks to spark investments of Rs 12 trillion over the following ten years.
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With 272 projects previously finished at an investment of Rs 1.41 trillion, the government is running 839 projects under the current Sagarmala programme—including modernisation, connectivity, port-led industrialisation, coastal infra, etc.—worth Rs 5.79 trillion. By 2026 Sagarmala 1.0 will have expired.
Individual stocks including, GRSE Stocks jumped 6% to Rs 1,746.10 on the BSE during Thursday's intra-day trading. From the level of Rs 1,367.45 on Tuesday, the stock has surged 28% in the past two days. GRSE's stock price has jumped by 44% starting on March 4.
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While CSL share price increased 3% to Rs 1,495.80 in intraday session today, MDL shares were up 5% to Rs 2,764.95. In the past two trading sessions, both these equities have surged 17%.
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