GRSE shares in focus today, here's why 

Shares of Garden Reach Shipbuilders and Engineers (GRSE)are in focus today after the Kolkata-based defence firm  signed a deal with Kongsberg, Norway, on Tuesday, opening the door for India to construct its first Polar Research Vessel (PRV) domestically.

GRSE stock closed 6.19% higher at Rs 3149 on Tuesday. Market cap of the firm rose to Rs 36,082 crore. On BSE, around 7.94 lakh shares changed hands amounting to a turnover of Rs 246.62 crore. The stock hit a record high of Rs 3188.75 in the previous session.  

The stock is strongly overbought on charts with its RSI exceeding 70 mark. The RSI stands at 79.  

The multibagger defence stock has gained 95% in a year and rallied 797% in three years.

Sarbananda Sonowal, Minister of Ports, Shipping, and Waterways, was present at the Oslo event.
"As the National Centre for Polar and Ocean Research (NCOPR) will use the PRV for research activities in the polar and southern ocean realms, the MoU between GRSE and Knogsberg represents an important milestone for India's shipbuilding sector as it will receive design expertise for developing the PRV," the statement read.

In order to support the government's Make In India campaign, GRSE, which has extensive experience building intricate marine platforms such as warships, survey, and research vessels, would construct this PRV in its Kolkata yard, it said.

According to the statement, Sonowal worked with the Norwegian Shipowners Association to investigate maritime investment opportunities.
At a high-level ministerial meeting on the "Role of Shipping in Shaping the Future," Sonowal also spoke on behalf of India.

Garden Reach Shipbuilders & Engineers is mainly engaged in the construction of warships.