Bharati Shipyard rose 1.89% to Rs 40.50 at 15:00 IST on BSE after the company said its lenders, under the corporate debt restructuring mechanism, have sold its wind mill business.
The announcement was made after market hours on Monday, 22 September 2014.
Meanwhile, the BSE Sensex was down 389.13 points, or 1.43%, to 26,817.61.
On BSE, so far 48,000 shares were traded in the counter, compared with an average volume of 21,081 shares in the past one quarter.
The stock hit a high of Rs 41.70 and a low of Rs 39.90 so far during the day. The stock hit a 52-week high of Rs 47 on 17 September 2014. The stock hit a 52-week low of Rs 22.80 on 25 February 2014.
The stock had outperformed the market over the past one month till 22 September 2014, rising 17.43% compared with 2.98% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 2.58% as against Sensex's 8.37% rise.
The small-cap company has an equity capital of Rs 50.30 crore. Face value per share is Rs 10.
As per the corporate debt restructuring (CDR) norms, State Bank of India, the lead bank, at the instruction of CDR banks, has decided to sell the non-core asset of Bharati Shipyard, which has been charged to lenders and was in their possession, in order to reduce the liability of the company, Bharati Shipyard said in a statement.
To comply with the CDR requirements, State Bank of India and other lender banks have formed an asset sale committee and bids were invited and the successful bidder being Ghatge Patil Industries has purchased the wind mill. Accordingly, the banks have sold the wind mill and the money has come to TRA account in State Bank of India, the company said.
Bharati Shipyard reported a net loss of Rs 292.95 crore in Q4 March 2014, lower than net loss of Rs 119.28 crore in Q4 March 2013. Net sales fell 94.4% to Rs 5.07 crore in Q4 March 2014 over Q4 March 2013.
Bharati Shipyard a leading Indian private sector shipyard is engaged in design and construction of sea-going, coastal, harbour, inland crafts and vessels.
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