Bharati Shipyard boosts order book with Tebma buy

Bharati Shipyard Ltdacquired Chennai-based loss-making Tebma Shipyards Ltd, buying a 51% stake for about Rs.76 crore. Investors cheered this development and Bharati’s stock rose by 4% to Rs.239 per share, on a day when the Bombay Stock Exchange’s (BSE) Sensex declined by 1.3%. Bharati Shipyard will acquire this stake by buying new equity shares of Tebma Shipyards at Rs.19.20 per share.
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Source: live mint.com