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      ABG Shipyard extends gains

      MoM Team / Mumbai, Mar 20, 2017 12:41 PM IST

        ABG Shipyard extends gains

        ABG Shipyard was locked at 5 percent upper circuit at Rs 23.50 on BSE, with the stock extending recent gains on reports of acquisition of stake in the company by lenders.

        Meanwhile, the S&P Sensex was down 136.98 points or 0.46 percent at 29,512.01. The BSE Small-Cap index was up 35.85 points or 0.26 percent at 14,048.48.

        On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 63,447 shares in the past one quarter. The stock had opened with an upward gap by surging by the maximum permissible level of 5 percent and remained locked at that level at Rs so far during the day.

        The stock had hit a 52-week high of Rs 74.60 on 22 March 2016 and a record low of Rs 19.95 on 15 March 2017. The stock had underperformed the market over the past one month till 17 March 2017, sliding 17.95 percent compared with the Sensex's 4.15 percent rise.

        The scrip had also underperformed the market over the past one quarter, declining 29.23 percent as against the Sensex's 11.93 percent rise.

        The small-cap company has equity capital of Rs 99.68 crore. Face value per share is Rs 10.

        Shares of ABG Shipyard have risen 15.5 percent in three trading sessions from its closing of Rs 20.35 on 15 March 2017.

        With reference to news report titled, "Reliance Defence expresses interest in buying 'Agreed Assets' of ABG Shipyard," ABG Shipyard clarified after market hours on Thursday, 16 March 2017, that lenders have invited expression of interest for acquisition of majority shareholding in ABG Shipyard.

        Accordingly, few parties have expressed their interest. Information/details will be submitted to the stock exchanges on completion of the process, ABG Shipyard said. The stock had surged by the maximum permissible level of 5 percent to settle at Rs 22.40 on Friday, 17 March 2017.

        ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.5 percent to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.

        ABG Shipyard is into shipbuilding and ship repair business.

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      Source: Capital Market


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