Bharati Shipyard surges over 10% on heavy volumes

The stock rallied 13% to Rs 38 on BSE.

Bharati Shipyard has surged 13% to Rs 38 on back of heavy volumes on the bourses after media reports that Edelweiss Asset Reconstruction Company (ARC) is looking to raise up to $100 million (Rs 634 crore) for the company from foreign investors by April.

Edelweiss ARC bought 60% of the Rs 7,000 crore worth of outstanding loans from SBI-led consortium of bankers representing Bharati Shipyard in June, the Economic Times report suggests.

Meanwhile, BSE said that the Exchange has sought clarification from the Company with respect to news article appearing in The Economic Times on December 24, 2014 and the reply is awaited.

The stock opened at Rs 36.05 and touched high of Rs 38.75 on BSE. Till 1123 hours, a combined 450,406 shares changed hands against an average sub 100,000 shares that were traded daily in past two weeks on BSE and NSE.