Garden Reach Shipbuilders & Engineers said that the new 250-ton Goliath Crane has been commissioned on 22 June 2021 at main works unit of the company at an approximate cost of Rs 155 crore.

The Goliath Crane has enhanced the capacity of the modernized infrastructure facility of the company's shipyard. It is a vital asset for construction and repair of wide range of modern and strategic warships.

Following the announcement, the scrip surged 4.57% to currently trade at Rs 211.60 on the BSE.

So far this month, the stock has zoomed 17.45% while the benchmark Sensex has advanced 1.29% during the same period.

Garden Reach Shipbuilders & Engineers is one of India's leading shipyards, located in Kolkata, West Bengal. It builds and repairs commercial and naval vessels.

The company's net profit rose 1.2% to Rs 58 crore on a 12.7% decline in net sales to Rs 398.83 crore in Q4 FY21 over Q4 FY20.