Pipavav gains 1.4% after hitting 52-week high

Pipavav Shipyard today closed 1.40 per cent higher at Rs 101.55 after after hitting a yearly-high in morning trade, following media reports that Reliance Industries is keen to pick up a 26 per cent stake in the private port on the Gujarat coast.

Shares of Pipavav Shipyard maintained its strength even in a weak broader market and closed at Rs 101.55, up 1.40 per cent on Bombay Stock Exchange. The scrip touched a 52-week high of Rs 104.95 on the bourse, up 4.79 per cent intra-day.

However, BSE benchmark Sensex turned negative after opening in the green and settled 45 points down at 17,570.82 points, breaching a seven-day rally.
    
As per reports, the Pipavav Shipyard promoter Nikhil Gandhi said the company will issue a 26 per cent fresh equity to a strategic investor. Gandhi is the chairman of SKIL Infrastructure, which holds 39.5 per cent stake in the country’s largest integrated shipyard.
    
RIL slipped into the red after its chairman Mukesh Ambani did not make any grand investment plans at the annual general meeting and closed the day 1.50 per cent down at Rs 1,055.25. The RIL counter touched an intra-day high of 1,089.90, up 1.73 per cent.