ABG Shipyard on a good sail
By
Research Desk
about 9 years ago
ABG Shipyard seems to have caught a good wind today and is sailing pretty. The stock is up 7% at Rs.179 and this is after having hit an intra day high at Rs.186.70. Volumes have almost doubled from two week average of 2.55 lakh shares to over 5 lakh shares traded today.
The stock is up on unconfirmed news that the company is in talks with Privinest for stake sale. ABG plans to sell 49% stake and Privinest has evinced interest. For now, news is that Privinest will buy 25% stake and will bring in Rs.1000 crore into ABG. And eventually, ABG promoters might have the minimum 26% stake in the company