ABG Shipyard spurts after issuing clarification on strategic stake sale

ABG Shipyard surged 8.34% to Rs 181.20 at 10:23 IST on BSE after the company in a clarification with regard to media reports of stake sale said that it has received firm expression of interest from Privinvest for a strategic stake sale.

The announcement was made during market hours today, 12 June 2015.

Meanwhile, the S&P BSE Sensex was up 86.31 points or 0.33% at 26,457.29.

On BSE, so far 3.10 lakh shares were traded in the counter as against average daily volume of 2.55 lakh shares in the past two weeks.

The stock hit a high of Rs 186.70 and a low of Rs 172.70 so far during the day. The stock had hit a 52-week high of Rs 305.80 on 11 June 2014. The stock had hit a 52-week low of Rs 127.15 on 3 June 2015.

With regard to news item titled "Germany based Privinvest to buy 49% stake in ABG shipyard via fresh equity worth 1000 cr", ABG Shipyard during market hours today, 12 June 2015, in a clarification said that it has received firm expression of interest from Privinvest and the company is in discussion with Privinvest for a strategic stake sale.

ABG Shipyard reported net loss of Rs 374.86 crore in Q4 March 2015, higher than net loss of Rs 48.78 crore in Q4 March 2014. Net sales declined 94.7% to Rs 20.52 crore in Q4 March 2015 over Q4 March 2014.

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

Powered by Capital Market - Live News