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Market talk of Bharati Shipyard Ltd foraying into the business of building oil rigs is said to be renewing interest at this counter. The stock closed marginally weak on Monday at Rs 322.75 on the BSE. Trading volume improved to 24,630 shares against two-week average of 18,935 shares.

Market sources said that the company has tied-up with a US-based company for technical knowhow. It will build rigs at the new shipyard to be set up at Mangalore at a cost of Rs 500 crore.

This includes the cost of equipment required to build rigs. As per market rumours, the company is already in talks for an order. An analyst with a leading domestic brokerage said Bharati would be the first in this arena. ABG Shipyard and L&T will also soon enter this business.

Bharati Shipyard's current unexecuted order book is Rs 1,020 crore.

Deeptha Rajkumar
Amit Mitra

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