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Reliance Naval gains on bargain hunting

Capital Market 

Naval and Engineering surged 6.17% to Rs 37 at 12:48 on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P Sensex was down 122.06 points or 0.37% at 32,680.38. The S&P Small-Cap index fell 0.13%, outperforming the Sensex.

On the BSE, 5.61 lakh shares were traded on the counter so far as against average daily volumes of 3.66 lakh shares in the past one quarter. The stock had hit a high of Rs 37.95 and a low of Rs 34.50 so far during the day. The stock had hit a 52-week high of Rs 70.65 on 2 May 2017 and a 52-week low of Rs 34 yesterday, 5 December 2017.

The stock had underperformed the market over the past one month till 5 December 2017, sliding 34.8% compared with the Sensex's 2.62% fall. The stock had also underperformed the market over the past one quarter, declining 38.15% as against the Sensex's 3.12% rise. The scrip had also underperformed the market over the past one year, falling 33.87% as against the Sensex's 24.49% rise.

The small-cap company has equity capital of Rs 737.59 crore. Face value per share is Rs 10.

Shares of Naval and Engineering had tanked 21.94% in the preceding six trading sessions to settle at Rs 34.85 yesterday, 5 December 2017, from its closing of Rs 44.65 on 27 November 2017.

Naval and Engineering reported net loss of Rs 150.67 crore in Q2 September 2017, compared with net loss of Rs 116.29 crore in Q2 September 2016. Net sales declined 15.2% to Rs 83.29 crore in Q2 September 2017 over Q2 September 2016.

Naval and Engineering has a large ship building/repair infrastructure in India. It has one of the largest dry docks in the world.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 12:45 IST
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