Ramesh Damani buys stake in this defence PSU; stock zooms 15%

New Delhi: Dalal Street veteran Ramesh Damani added another PSU stock to his portfolio as he purchased shares of Garden Reach Shipbuilders & Engineers during the quarter ended December 2021.

According to the latest shareholding data filed by the company, Damani holds 12,51,156 equity shares or 1.09 per cent stake in the defence player.

His name was not there in the list of key shareholders at the end of the September 2021 quarter. Companies are obligated to release the names of shareholders holding at least a per cent of the total equity in the company.

Following the update, shares of Garden Reach Shipbuilders zoomed 15 per cent to Rs 264.70 on Friday, before trading at Rs 262.20 at 10.20 am. The scrip had settled at Rs 230.95 on Thursday on BSE.

At the same time, BSE barometer Sensex was trading 494.65 points or 0.83 per cent higher at 60,096.

Kolkata based Garden Reach Shipbuilders & Engineers is one of India's leading shipyards that builds and repairs commercial and naval vessels. The company has also started building export ships in a mission to expand its business.

The company had listed on bourses in October 2018 and its shares have rallied more than 125 per cent since. The stock has zoomed more than 32 per cent in the last one year.

Among other new buys, Damani has made a fresh entry in Panama Petrochem while he has stayed put in Goldiam International.