Tag: Yahoo Finance

Beleaguered Tycoon’s Shipyard Surges 700% in Record Streak

(Bloomberg) -- Reliance Naval and Engineering Ltd., part of the indebted Anil Ambani-led group, is enjoying a renaissance -- at least on India’s stock market.The penny stock hasn’t declined for a single session since Sept. 9 in a rally that has lifted it to 7.67 rupees from its record-low close of 95 paise. That’s the longest winning streak since the company’s trading debut in 2009.The revival of the shipyard is crucial for Anil Ambani, who is betting on cash flows from government defense contracts as Prime Minister Narendra Modi plans to spend billions of dollars on national security. Brokers say the stock’s parabolic advance is likely driven by speculators, rather than by a change in the company’s fortunes.“This could be a purely speculative move by certain market operators with a vested interest as there is no change in fundamentals of the company, which is reeling under various troubles,” said Arun Kejriwal,...