ABG Shipyard gains on stake sale report

The stock up 17% to Rs 39 after the company said it is exploring the possibility for strategic investors so as to improve the company's financial and operational strength.

ABG Shipyard has moved higher by 17% to Rs 39.25 on BSE on the back of heavy volumes after the company said it is exploring the possibility for strategic investors so as to improve the company’s financial and operational strength.

For this purpose, the company has appointed Rothschild as the investment banker, it added.

ABG Shipyard made a clarification with reference to news reported in Business Standard dated October 19, 2016 stating "ABG Shipyard may sell controlling stake to Russian firm". CLICK HERE TO READ FULL REPORT.

At 02:01 pm, the stock was up 14% at Rs 38.15 on BSE. The trading volumes on the counter more than doubled with a combined 5.02 million shares changed hands on BSE and NSE.