ABG Shipyard spurts on greenfield shipyard plans

DALAL STREET SPIKES

ABG Shipyard (ABG) surged 6.07 per cent to close at Rs 395.20 on reports that the company is planning to set up a greenfield shipyard in southern Gujarat at an investment of Rs 1,200 crore.

The new shipyard will be set up over 300 acres and will be larger than the company’s two existing shipyards at Surat and Dahej in Gujarat. ABG would be among the 39 new entrants in the NSE derivatives segment from August 21. The shares of ABG made an intraday high of Rs 399 and a low of Rs 375.65, with trading volumes of 48,068 shares.