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| Bharati Ship, Great Off, ABG in focus |
| BS Reporter / Mumbai Jun 24, 2009, 16:20 IST |
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ABG Shipyard ended flat at Rs 212,after touching a high of Rs 221 and a low of Rs 211. The counter saw trades of 191,582 shares. Bharati Shipyard advanced nearly 3% to Rs 167. The counter clocked a volume of 451,037 shares. Great Offshore was up 1.5% at Rs 419. Around 659,000 shares changed hands at the counter till day end.
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Updated 1120 Hrs
All three shipping stocks are in limelight following the bidding war betweeen ABG Shipyard and Bharati Shipyard to acquire additional stake in Great Offshore.
Incidentally all three stocks have gained with Bharati Shipyard adding over 3.5% to Rs 168. The stock touched a high of Rs 172, up 6%. Around 120,530 stocks have been traded so far on the BSE.
Great Offshore opened at Rs 417 and touched a high of Rs 429, up nearly 4%. The stock is now trading 2% higher at Rs 422. Over 352,989 shares have changed hands at the counter today.
ABG Shipyard is trading flat at Rs 214. The counter has clocked a volume of 36,663 shares so far.
Bharati Shipyard has said it will top rival bidder, ABG Shipyard's offer price of Rs 375 per share for a controlling stake in Great Offshore. Bharati had made an offer of Rs 344 per share to buy a 20% stake in the company. But following ABG's counterbid to acquire 32.12% stake, Bharati made an announcement to revise its offer price to over Rs 403. This revision has already made the bid dearer by around Rs 50 crore.
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