Bharati Shipyard hits 52-week high ahead of board meet

The board will meet on Jan 07 to consider the allotment of convertible warrants to non-promoters on preferential basis

Shares of Bharati Shipyard has locked in upper circuit for fourth straight trading sessions, up 5% at Rs 33.85 on the BSE ahead of board meeting tomorrow to consider issue of convertible warrants to non-promoters on preferential basis.

“A meeting of the board of directors of the company will be held on January 07, 2016 to consider the allotment of convertible warrants to non-promoters on preferential basis,” Bharati Shipyard said in a BSE filing on January 2, 2016.

The stock is currently trading at its 52-week high and gained 21% in past four trading sessions from Rs 27.95 on December 31, 2015. The S&P BSE Sensex was down 2.3% during the same period.

The company had reported a standalone net loss of Rs 290 crore for the first half (April-September) of current financial year 2015-16 against loss of Rs 225 crore in the same period last fiscal.

The board of directors of the company at its meeting held in July last year had approved to change name of the company from Bharati Shipyard to Bharati Defence And Infrastructure.

It added that Edelweiss ARC (Assets Restructuring Company), which has taken over major portion of the debts of the company from the financing banks, is assisting the company in the revival by way of restructuring and additional lending.

The stock is currently trading under ‘T’ group where selling or buying of shares results into giving or taking delivery of shares at the gross level and no intra-day netting off/squaring off is permitted.