ABG Shipyard rallies 7.5% on sops to shipbuilding industry

Shipping companies stocks have rallied after the government announced give indirect tax breaks for local shipbuilding industry.

ABG Shipyard has rallied 7.5% to Rs. 79.40 after Government will give Indirect Tax breaks for local shipbuilding to the company, as per media reports.

The plan covers exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships/vessels/tugs and pusher crafts etc.

The scrip opened at Rs. 74.6 and has touched a high and low of Rs. 80.5 and Rs. 74 respectively. So far 861,128 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 397.13 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 260 on 10-Mar-2015 and a 52 week low of Rs. 72.5 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 86.4 and Rs. 72.5 respectively.

The promoters holding in the company stood at 43.43 % while Institutions and Non-Institutions held 11.29 % and 45.29 % respectively.

The stock is currently trading above its 200 DMA.