This BSE listed ship breaking stock has zoomed 79% in 4 trading days

Shares of Hariyana Ship Breakers were locked in the upper circuit for the fourth straight trading day, up 10% at Rs 222.90, also its record high on Tuesday.

Shares of Hariyana Ship Breakers were locked at the 10 per cent upper circuit at Rs 222.90, also its record high on the BSE on Tuesday at 02:06 pm backed by heavy volumes. The stock of the shipbuilding & allied services company was frozen at the maximum upper limit for the fourth straight trading day. It has zoomed 79 per cent from Rs 124.50 on July 10. The BSE changed the circuit limit for the stock to 10 per cent from 20 per cent with effect from today.

As many as 246,000 shares changed hands and there were pending buy orders for 28,483 shares on the BSE, the exchange data shows. On an average sub 1.2 million shares were traded in the past two weeks. Hariyana Ship Breakers trades under the ‘X’ category. Companies falling in the X sub-group are traded only on the BSE and not on the NSE.

 

The BSE on Friday, July 12 said that the exchange has sought clarification from Hariyana Ship Breakers on July 12, 2024 with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded. The reply was awaited.

As on March 31, 2024, Hariyana Ship Breakers outstanding shares stood at 6.17 million. Of these, 75 per cent stake was held by the promoters. The remaining 25 per cent holding were with individual shareholders (21.93 per cent) and HUF (1.56 per cent).

The company is mainly engaged in ship breaking activities and old and used ships. It is also engaged in trading in metal scrap, graphite electrodes and other industrial inouts.

India remains the biggest ship breaking market, with the Alang ship breaking yard in Gujarat handling at least 450 ships every year. By making the country's ship recycling sector more environmentally sound, the government expects to increase ship recycling capacity by 2024 to more than 9 million gross tonnage, the company had said in its FY23 annual report.