 "Bharati Shipyard rises 8% after board okays debt recast")
Mumbai: Shares of Bharati Shipyard advanced over 7 percent in morning trade on the bourses today after the company’s board approved a Rs 2,854 crore corporate debt
restructuring programme as part of efforts to optimise costs.
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The company’s shares opened on an optimistic note and the scrip jumped to an early high of Rs 73.70, up 7.66 percent from its previous closing price on the BSE as trade progressed. In a similar fashion, the stock surged by 7.75 percent to an early high of Rs 73.65 on the NSE.
“The debt restructuring will help us to optimise costs and resources in the time to come,” company Managing Director PC Kapoor said in a regulatory filing to the BSE. Bharati Shipyard’s total debt currently stands at Rs 3,250 crore.
Meanwhile the BSE barometer Sensex was trading 77.30 points higher at 16,048.05 at 1045 hours in highly volatile trade.
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