ABG Shipyard spurts as board to discuss strategy for induction of strategic investor

ABG Shipyard gained 4.38% to Rs 50.05 at 09:46 IST on BSE after the company scheduled a board meeting on 8 April 2016 to discuss general corporate issues, strategy for induction of strategic investor/partner.

The company's board of directors will also discuss authorizing monitoring institution on behalf of corporate debt restructuring (CDR) lenders to appoint investment banker to identify a strategic investor/partner, etc. The announcement was made after market hours yesterday, 5 April 2016.

Meanwhile, the BSE Sensex was up 18.46 points, or 0.07%, to 24,905.05

On BSE, so far 95,587 shares were traded in the counter, compared with an average volume of 1.38 lakh shares in the past one quarter. The stock hit a high of Rs 51 and a low of Rs 49.10 so far during the day. The stock hit a 52-week high of Rs 250 on 9 April 2015. The stock hit a 52-week low of Rs 39.50 on 12 February 2016.

The small-cap company has equity capital of Rs 54.03 crore. Face value per share is Rs 10.

ABG Shipyard reported net loss of Rs 1266.23 crore in Q3 December 2015, higher than net loss of Rs 294.46 crore in Q3 December 2014. Net sales declined 93.5% to Rs 2 crore in Q3 December 2015 over December 2014.

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

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