Bharati Ship extends gains after ABG exit

Bharati Shipyard finally settled at Rs 178, up 10.5% from the previous close. The counter winessed trades of 1.23 million shares as compared to the two-week daily average traded volumes of 95,067 shares on the BSE.

Great Offshore ended 6% down at Rs 513. The counter witnessed trades of 5.17 million shares as compared to the two-week daily average traded volumes of 74,003 shares on the BSE.

ABG Shipyard settled at Rs 207, up around 10% from the previous close. The counter witnessed trades of  1.55 million shares on the BSE.
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(Updated at 1333hrs)

Bharati Shipyard is now trading 12% higher at Rs 179 following the news that rival group ABG Shipyard has made its exit from Great Offshore race. The stock is now at Rs 514, down 5.5% from its previous close.
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(Updated at 1033hrs)

Bharati Shipyard has soared following its decision to increase the open offer price for Great Offshore by 5.4% to Rs 590 a share from Rs 560 earlier.

The stock opened at Rs 166 and advanced to a high of Rs 175. The scrip is now trading at Rs 167, up 4% from the previous close. The counter clocked volumes of 47,501 shares as compared to the two-week daily average traded volumes of 95,067 shares on the BSE.

The open offer for a 20 per cent stake in the offshore drilling company will remain open from December 3 to December 22.

Currenly, two block deals have taked place in Great Offshore, one of 10 lakh shares at Rs 575 on the BSE. Great Offshore is now trading at Rs 561 up 3% on the BSE.

Meanwhile, ABG Shipyard the other competitor in its race to Great Offshore, is trading at Rs 193, up 2% from its previous close.