One pact is with Lloyd's Register for development of a hydrogen fuel cell ferry, and the other with Caterpillar Inc for a potential collaboration in the production, sale and service of medium speed engines particularly for Indian Navy and Indian Coast Guard.

Stating that it fails to find fundamental reasons behind the steep increase in stock prices of several midcap and smallcap stocks, Kotak said, the primary driver of the rally appears to be irrational exuberance among investors, with high return expectations being driven by the high returns of the past few months.

In July, the company announced the launch of an autonomous underwater vehicle (AUV) in collaboration with Aerospace Engineering Private Ltd. (AEPL).

“The launch of “Vindhyagiri” marks a move forward in enhancing Indias maritime capabilities. Vindhyagiri is also a step towards achieving the goal of Atmanirbhar Bharat through indigenous ship-building,” Murmu said, while launching the warship, the last in the series of three Project 17 Alpha built for the Indian Navy.

"Sixty-three ships are under construction out of which 61 are being built in India... We are giving thurst to self-reliance as per the directives of the government," Chief of Naval Staff Admiral R Hari Kumar said. Noting that patrol boat INS Ajay, the first naval ship to be built in India, was by GRSE, he said that the country has come a long way from there to build various ships like landing crafts, landing ships, corvettes, frigates, destroyers and aircraft carrier.

President Droupadi Murmu arrived in Kolkata to inaugurate an advanced stealth frigate named 'Vindhyagiri' for the Indian Navy built by Garden Reach Shipbuilders and Engineers Ltd (GRSE). The frigate marks the sixth vessel out of seven that are part of 'Project 17 Alpha' aimed at strengthening the Navy's fleet. This initiative includes enhanced stealth features, advanced weaponry, sensors and platform management systems. The move comes as India takes steps to bolster its naval capabilities amid increasing challenges posed by assertive China in the Indo-Pacific region.

In its Q1 FY24 results, GRSE reported its best-ever net profit of Rs 77 crore. The firm saw a 54% rise in net profit as compared to the Rs 50 crore it reported in the year-ago period. Meanwhile, its total income stood at Rs 827 crore in the first quarter of the current fiscal, 33% higher than Rs 621 crore in the year-ago period.

Shares of warship maker GRSE rallied 19% to hit a new 52-week high of Rs 781 on BSE after the company reported its best-ever net profit of Rs 77 crore in the June quarter. The firm saw a 54% rise in net profit as compared to the Rs 50 crore it reported in the year-ago period.

Warship maker GRSE shares rallied 13% to Rs 661 on BSE after the company reported its best-ever net profit of Rs 77 crore in the June quarter. The firm saw a 54% rise in net profit as compared to the Rs 50 crore it reported in the year-ago period.

President Droupadi Murmu will launch Vindhyagiri, the sixth warship of the Project 17A Frigates, at the Garden Reach Shipbuilders and Engineers Limited in Kolkata on Thursday. The Project 17A Frigates are advanced warships that follow on from the Project 17 Class Frigates, with improved stealth features, advanced weapons and sensors, and platform management systems.

The platform launched on Friday is a prototype. It has an endurance of four hours and can go up to 300 metres deep, he said. The process is on to enhance the AUV's endurance from 200 to 300 per cent and these can then be deployed across the coastal waters for ensuring safety of the coast. This platform is for deployment from either a mother ship or at the coast for coastal protection.

The underwater vehicle has been designed to operate in autonomously manner and its design enables it to carry out a variety of roles depending on the payload, the company has said

Both sides agreed on the roadmap at the second edition of India-Tanzania Joint Defence Cooperation Committee (JDCC) meeting that was held in Arusha (Tanzania) on June 28 and 29.