ABG Shipyard gains 5% on Indian Navy order

Shares of ABG Shipyard gained as much as 5 percent to touch an intraday high of Rs 389.70 on Wednesday as the company has signed a repeat order for construction of one additional cadet training ship with Indian Navy (Ministry of Defence).

The order size stands at Rs 485 crore for manufacturing one cadet training ship that will be approximately 110 metres in length and will be designed to achieve a maximum speed of 20 knots.

At 10:34 hours IST, the stock rose 3.61 percent to Rs 383.50 amid large volumes on the Bombay Stock Exchange.

Trading volumes increased significantly to 19,629 equity shares as compared to its five day average of 7,390 shares. Market capitalisation of the company currently stands at Rs 1,952.85 crore.

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