Bharati Shipyard clarifies on news item about the company

With reference to the news item appearing in a leading financial daily, Bharati Shipyard Ltd has clarified that the Company's negotiations were going on with Swan Hunter for purchase of shipyard machinery and there are conditions precedent to be complied with, before the arrangement becomes effective and the same has to receive a final approval of the Board of Directors, which the Company expect to receive soon.

Further the Company has informed that, there is no acquisition of overseas shipyard as reported in the news item, but only procurement of machineries for shipyard activities in the normal course of business.

The stock closed the day up by Rs.16.90 or 4.90% at Rs.361.65. The stock hit an intraday high of Rs.366 and low of Rs.353.

Source : Equity Bulls

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