Hot stock: ABG Shipyard soars over 30% in four sessions
The stock was up 15% in the previous session on reports that Mahindra Group is in talks to acquire a large strategic stake in the maker of naval ships.
By ET Online | Updated:
MUMBAI: ABG Shipyard extended gains on Thursday after rallying sharply in the previous session as institutional investors lapped up the stock following reports that Mahindra group plans to buy stake in the company.
On Wednesday, DB International Asia bought 9.5 lakh sahres in the company at Rs 229.41 per share.
The stock rallied as much as 11 per cent in intraday trade today, and has gained over 31 per cent in the past four sessions.
The stock was up over 15 per cent in the previous session.
An ABG official told TOI that the company was in discussions with investment bankers to raise equity and was looking at several options.
Chief financial officer (CFO) of the company Dhananjay Datar said the company cannot comment on rumours and will "come out with official conformation if any definite transaction takes place"
On Wednesday, DB International Asia bought 9.5 lakh sahres in the company at Rs 229.41 per share.
The stock rallied as much as 11 per cent in intraday trade today, and has gained over 31 per cent in the past four sessions.
The stock was up over 15 per cent in the previous session.
An ABG official told TOI that the company was in discussions with investment bankers to raise equity and was looking at several options.
Chief financial officer (CFO) of the company Dhananjay Datar said the company cannot comment on rumours and will "come out with official conformation if any definite transaction takes place"
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