Bharati Shipyard gains on buzz its lenders may rejig loan

Meanwhile, the BSE Sensex was down 113.76 points, or 0.73%, to 15,571.45.

On BSE, 38,000 shares were traded in the counter as against an average daily volume of 45,803 shares in the past one quarter.

The stock hit a high of Rs 68.60 and a low of Rs 66 so far during the day. The stock had hit a 52-week low of Rs 65.25 on 21 December 2011. The stock had hit a 52-week high of Rs 223.05 on 4 January 2011.

The stock had underperformed the market over the past one month until 21 December 2011, sliding 19.87% compared with the Sensex's 1.64% decline. The scrip had also underperformed the market in past one quarter, falling 35.89% as against 8.09% fall in the Sensex.

 

The small-cap private ship builder has an equity capital of Rs 31.69 crore. Face value per share is Rs 10.

Acccording to reports, Bharati Shipyard is weighed down by mounting debt after its acquisition of Great Offshore two years ago and a dismal order book position.

Reports suggest that banks led by the State Bank of India referred the company to the corporate debt restructuring forum where lenders and borrowers agree to restructure the terms of a loan to prevent the loan from being classified as a bad loan.

Net profit of Bharati Shipyard declined 19.59% to Rs 23.52 crore on 18.87% rise in net sales to Rs 465.20 crore in Q2 September 2011 over Q2 September 2010.

Bharati Shipyard is a shipbuilding firm. The product range includes highly maneuverable and power packed offshore vessels including AHTS, PSV's and MSV's of varying bollard pulls, Tractor and ASD tugs, state of the art dredgers, deep sea fishing vessels, cargo and container ships, tankers and Ro- Ro Vessels. The shipbuilding activities of the company are presently carried out at Ghodbunder, Ratnagiri, Goa, Mangalore, Kolkata and Dabhol.

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