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Pipavav Defence trades higher on the bourses

12 Jul 2013

Pipavav Defence and Offshore Engineering Company is currently trading at Rs. 65.60, up by 2.55 points or 4.04% from its previous closing of Rs. 63.05 on the BSE.

The scrip opened at Rs. 63.50 and has touched a high and low of Rs. 66.20 and Rs. 63.00 respectively. So far 313882 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 98.35 on 13-Dec-2012 and a 52 week low of Rs. 52.65 on 27-Jul-2012.

Last one week high and low of the scrip stood at Rs. 67.00 and Rs. 63.05 respectively. The current market cap of the company is Rs. 4836.88 crore.

The promoters holding in the company stood at 45.63% while Institutions and Non-Institutions held 19.39% and 34.97% respectively.

The Ministry of Defence (MoD) has lifted the hold on Mazagon Dockyards - Pipavav Defence and Offshore Engineering Company’s joint venture (JV) to build the warships for Indian Navy. The JV can go ahead and can carry on the business on open & transparent basis. The JV implements its vision of executing the contracts without any time & cost overrun received through appropriate transparent mechanism. It will also focus on working on other large and complex projects both meant for Indian Navy and friendly navies of the world.

Besides, the Government lifting of hold vindicates the vision and decision of MoD to form JV between Mazagon Dock and Pipavav Defence and Offshore Engineering Company in a completely transparent manner which will immensely benefit Indian Navy, Coast Guard and other clients.

Earlier in April this year, amid allegations of non-compliance and favouritism, the Defence Ministry has put on hold a joint venture between public sector Mazagon Dockyards and private sector Pipavav shipyard for building warships for Indian Navy. The Defence Ministry has formed a Committee under an Additional Secretary-rank officer to look into the joint venture formation, price discovery mechanism and several other aspects of the tie up between the two shipyards.

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