ABG Shipyard sets sail on Rs 485-crore order from Indian Navy

Meanwhile, the BSE Sensex was up 58.42 points, or 0.30% to 19,437.91

On BSE, 37,092 shares were traded in the counter as against an average daily volume of 16,171 shares in the past one quarter.

The stock hit a high of Rs 389.70 and a low of Rs 370 so far during the day. The stock had hit a 52-week high of Rs 463.20 on 16 February 2012 and a 52-week low of Rs 295.95 on 26 July 2012.

The small-cap stock had underperformed the market over the past one month till 11 December 2012, falling 6.45% compared with the Sensex's 3.77% rise. The scrip, however, outperformed the market in past one quarter, rising 10.11% as against Sensex's 8.59% rise.

The company has an equity capital of Rs 50.92 crore. Face value per share is Rs 10.

During market hours today, 12 December 2012, ABG Shipyard said it has signed a repeat order for construction of one additional cadet training ship with Indian Navy (Ministry of Defence).

The Rs 485-crore order is for manufacturing one cadet training ship for providing basic training to the Naval Cadets and trainees to carryout disaster relief, search and rescue operations with the capability to carry light helicopter. The vessel will be approximately 110 metres in length and will be designed to achieve a maximum speed of 20 knots.

ABG Shipyard said with the state of the art infrastructure in place at Surat and Dahej yards and having delivered more than 160 vessels worldwide, the company is now fully geared to build all kind of ships for Indian Defence Sector.

ABG Shipyard's net profit fell 32.2% to Rs 32.78 crore on 4.9% fall in net sales to Rs 543.63 crore in Q2 September 2012 over Q2 September 2011.

ABG Shipyard is the largest private sector shipbuilding yard in India.

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