Reliance Defence gains on bagging contract worth Rs 300 crore for refit work

Reliance Defence & Engineering is currently trading at Rs. 61.40, up by 0.55 points or 0.90% from its previous closing of Rs. 60.85 on the BSE.

The scrip opened at Rs. 61.40 and has touched a high and low of Rs. 61.40 and Rs. 61.00 respectively. So far 97,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 114.00 on 28-Dec-2015 and a 52 week low of Rs. 52.65 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 61.80 and Rs. 57.30 respectively. The current market cap of the company is Rs. 4,557.00 crore.

The promoters holding in the company stood at 29.90%, while Institutions and Non-Institutions held 14.26% and 55.84% respectively.

Reliance Defence & Engineering (RDEL) has won a contract for undertaking refit works of Indian Navy vessels at its facility at Pipavav in Gujarat. The value of the order is pegged at Rs 300 crore. The refit of the three warships -- identified as survey ship INS Jamuna, fleet tanker INS Deepak and patrol vessel INS Savitri -- is expected to be completed by April next year. Other bidders in the fray included Hindustan Shipyard, Cochin Shipyard Limited and L&T.

Reliance Defence and Engineering is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).