ABG Shipyard spurted 17.45% to Rs 237.60 at 13:11 IST on BSE on reports that Mahindra & Mahindra is in the race to buy strategic stake in the company.
Shares of Mahindra & Mahindra were up 1.72% at Rs 1,277.05.
Meanwhile, the S&P BSE Sensex was up 156.82 points or 0.54% at 29,161.48.
The stock surged on heavy volumes. On BSE, so far 16.53 lakh shares were traded in the counter as against average daily volume of 52,817 shares in the past one quarter.
The stock hit a high of Rs 241.25 and a low of Rs 215.45 so far during the day. The stock had hit a 52-week low of Rs 188 on 9 February 2015. The stock had hit a 52-week high of Rs 311.20 on 19 February 2014.
The stock had underperformed the market over the past one month till 24 February 2015, sliding 3.02% compared with the Sensex's 0.94% fall. The scrip had also underperformed the market in past one quarter, declining 13.18% as against Sensex's 1.77% rise.
The small-cap company has equity capital of Rs 53.52 crore. Face value per share is Rs 10.
ABG Shipyard reported a net loss of Rs 294.46 crore in Q3 December 2014, higher than net loss of Rs 156.08 crore in Q3 December 2013. Net sales declined 89.3% to Rs 30.56 crore in Q3 December 2014 over Q3 December 2013.
ABG Shipyard is the largest private sector shipbuilding yard in India.
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