Pipavav Defence gains on Rs 400-cr ONGC contract

Pipavav Defence and Offshore Engineering Company is trading higher by 2% at Rs 93 after the company said it has received an order worth of Rs 400 crore from the state-owned oil exploration and production company, ONGC to repair, maintain and dry docking of oil rig.

“The company also secured contracts for dry docking and maintenance of critical oil rigs of global oil and gas conglomerates like “TRANSOCEAN” and “NOBEL”,” Pipavav Defence said in a statement.

The stock has opened at Rs 91.55 and seen a combined around 90,792 shares changing hands on both the exchanges.