Moneycontrol Bureau 03/DEC/2014 Shipping stocks saw huge buying interest Thursday on hopes of relaxations in rules for the sector. Bharati Shipyard rallied nearly 14 percent followed by ABG Shipyard , Varun Shipping , SCI , Shreyas Shipping and Pipavav Defence with 4-5 percent gains. The government today asked Reserve Bank of India to relax rules to revive the shipbuilding industry. The government also asked RBI and finance ministry to sanction special dispensation for 5 years.
The shipping ministry in previous month had asked the RBI to relax rules so that shipping companies, which have been reporting losses, can go for debt restructuring. If the bank eases rules, then shipbuilding companies can raise more money for their expansion plans after debt restructuring. Meanwhile, for the revival of the industry, the government on Monday also launched the PM JalMargYojna and projects for setting up dry and satellite ports, besides converting riverways into waterways.
Company Name ABG Shipyard - 235 3.78 BharatiShipyard - 40.4 13.64 Pipavav Defence - 38.15 4.95 Shipping Corp - 68.25 3.8 Shreyas Shippin - 191.4 4.99 Varun Shipping - 7.5 4.9