New Delhi, Sept. 22 -- Garden Reach Shipbuilders (GRSE) traded higher in Monday's session, with the PSU defence major gaining 6% to hit a 11-week high of Rs.2,760 apiece on multiple positive developments that aided the rally despite the broader markets remaining subdued.

The company, on Friday, said it had signed a contract worth USD 62.44 million with Germany's M/s Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG in Hamburg for the construction of four hybrid multi-purpose vessels (MPVs).

The contract also includes a provision for two additional hybrid propulsion vessels, the company statement said. This agreement represents a natural extension of the successful partnership between GRSE and Carsten Rehder, following the ongoing ...