Since Bharati is an efficient private sector shipbuilder and has consistent got orders from large players, its future performance appears positive.
Bharati Shipyard said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
India's second-largest private ship builder, Bharati Shipyard, which already holds 14.9 per cent stake Great Offshore, has said it will make an open offer to buy an additional 20 per cent. While P C Kapoor, MD, Bharati Shipyard, ruled out any possibility of a hostile takeover bid for Great Offshore, he had earlier said competitors such as Punj Lloyd and ABG Shipyard had shown an interest in buying Great Offshore shares from the open market.
Sources said the acquisition might be one of the biggest deals till date in the domestic shipbuilding industry. A comparable new shipyard would have cost Rs 200-250 crore.
Late commissioning to impact the exploration and production activities of ONGC.
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
Despite largely being ignored by market participants, these are worth considering.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Oil and Natural Gas Corporation, the company that cancelled a five-year contract of rig supply with Great Offshore on Thursday, is planning to issue a new tender. India's largest oil producer cancelled the contract as Mumbai-based Great Offshore could not supply the rig in time.
In a surprise move, ABG Shipyard on Wednesday exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG move comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
The bidding war for Great Offshore ratcheted up a notch with ABG Shipyard saying it would come out with a counter-offer to rival Bharati Shipyard's offer of Rs 560 a share announced on Wednesday after it acquired 3.1 per cent from the open market to take its total holding to 22.4 per cent.
KEI Industries is good for 1-2 years, says Shailee Shah, analyst at Prabhudas Liladhar.
ABG Shipyard, the largest private sector shipbuilding firm, has raised the open offer price to buy out drilling firm Great Offshore to Rs 520 a share from the Rs 450 announced last week. This is the second increase in the open offer price by ABG in a week's time, as it continued to purchase shares from the open market to outbid its rival, Bharati Shipyard, in an attempt to take control of the drilling firm.
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Among other scrips, which would be shifted to the trade-to-trade segment include 3i Infotech, Bartronics India, Ramky Infrastructure and Zenith Birla (India) Ltd.
In total, BSE would shift as many as 40 securities to the trade-for-trade category or 'T' Group while NSE would transfer 18 scrips to the segment on its platform, as per separate notices issued by both the bourses.
Stocks to watch: Pipavav Defence, ABG Shipyard, Bharati Shipyard
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Banks, real estate and metal scrips among the top losers.
BSE Power, Healthcare, Capital Goods, FMCG and Metal indices gained between 0.6-1%.
The benchmark BSE Sensex reclaimed the 28,000 mark, spurting by 409 points or 1.4% at 28,114 and Nifty settled above the 8,500 mark at 8,532, gains of 111 points.
The 30-share Sensex ended down 208 points at 27,057 and the 50-share Nifty closed 59 points lower at 8,094.
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Barring one, three are debt-free and sitting on large cash reserves.
The 30-share Sensex ended higher by 46 points at 26,360 and the 50-share Nifty gained 16 points at 7,891.
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
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