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Shares of companies engaged in shipbuilding business have rallied by up to 13% on reports that the government is said to be looking at several options to boost ship building in the country.
ABG Shipyard has rallied 13% to Rs 257 on back of heavy volumes. A combined 681,954 shares already changed hands on the counter in first 45 minutes of trade against an average sub 200,000 shares that were traded daily in past two weeks on BSE and NSE.
Bharati Shipyard has locked in upper circuit of 10% at Rs 39.05 on NSE with no sellers on the counter. A combined 101,589 shares changed hands and there are pending buy orders for 80,311 shares on BSE and NSE at 1000 hours.
According to government officials and industry players, the government could look at assistance to the sector through options like providing interest subventions, giving infrastructure status or even ensuring defence or public sector orders to Indian shipyards, the Financial Express report suggests.
The government may also incentivise building of those ships that are made from locally sourced raw material etc. Apart from this, a fund that could cater to long term fund requirements of Indian shipyards may also be in the works, added report.
ABG Shipyard has rallied 13% to Rs 257 on back of heavy volumes. A combined 681,954 shares already changed hands on the counter in first 45 minutes of trade against an average sub 200,000 shares that were traded daily in past two weeks on BSE and NSE.
Bharati Shipyard has locked in upper circuit of 10% at Rs 39.05 on NSE with no sellers on the counter. A combined 101,589 shares changed hands and there are pending buy orders for 80,311 shares on BSE and NSE at 1000 hours.
According to government officials and industry players, the government could look at assistance to the sector through options like providing interest subventions, giving infrastructure status or even ensuring defence or public sector orders to Indian shipyards, the Financial Express report suggests.
The government may also incentivise building of those ships that are made from locally sourced raw material etc. Apart from this, a fund that could cater to long term fund requirements of Indian shipyards may also be in the works, added report.
