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Your Stock Queries

| 3/7/2013 9:00 PM Thursday

BHARATI SHIPYARD

I am holding 600 shares of Bharati Shipyard, purchased at Rs 250 per share long ago.  Should I hold the shares or exit the counter?
Dr H J Dhruv, Rajkot, Gujarat

EXIT

BSE/NSE Code 532609/BHRTISHIP
Face Value Rs 10
CMP Rs 45
52-Week High/Low Rs 95/Rs 45
Current Profit/(Loss)

82.20 per cent

From your query, we are getting a sense that you would have probably invested in Bharati Shipyard and forgotten about it, until suddenly, you came across these shares languishing in your Demat account. The stock is currently trading at its 52-week low level. But when we look at your purchase price, it looks ridiculously down from there. Your investment is as good as completely written off. Do Bharati Shipyard’s shares hold any promise of bouncing back to the levels even close to what you have bought them at? Here is the answer.

Bharati Shipyard manufactures and repairs various ships. The company offers supply vessels, anchor handling tugs cum supply vessels, platform supply vessels, multi-purpose support vessels, and ice classed vessels. It also provides tractor/stern tugs and jack up rigs, as well as operates dry dock facilities. In addition, it is involved in the generation of wind power with a capacity to generate 15 megawatts of power in the state of Maharashtra.

The performance of the company has been a real disappointment. Its topline witnessed a decline of a whopping 76.83 per cent on a YoY basis for Q3FY13, to stand at Rs 75.64 crore as against Rs 326.45 crore for Q3FY12. It reported a loss of Rs 132.99 crore as against a profit of Rs 1.62 crore for Q3FY12. This is the fourth consecutive quarter where the company has reported a loss. It has a debt of Rs 4575 crore on its books which pegs its debt to equity ratio at a stupendous 4.38x. This is not at all a good sign. We wish you would have come to us earlier and asked for advice when your investment was 25 per cent down and there were some chances of recouping at least 80 per cent of your capital rather than going the other way round. Today all we can suggest is to get away with at least the remaining 20 per cent of your investment in this counter and promise yourself to take corrective action before it is too late henceforth.

 

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Karan DSIJ / Article rating: 5.0

We believe the next major support area for the Nifty is in the zone of 11,300-11,320. On the upside, any pullback rally towards 11,550-11,570 is likely to be resisted and this area is the likely hurdle going forward. Stocks in news: BHEL, CIPLA, Dr Reddy’s Laboratories, CG Power and Industrial Solutions, Strides Pharma Science, IOL Chemicals and Pharmaceuticals, Reliance Industries, McNally Bharat Engineering.

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