Pipavav Defence and Offshore Engineering Company is trading higher by 3.4% at Rs 67.95, extending its previous day’s 4.2% gain after a ship building company said the Ministry of Defence has lifted the hold on the Mazagon Dock-Pipavav Defence joint venture to build warships for the Indian Navy.
“The joint venture can go ahead and can carry on the business on an open and transparent basis. The JV will execute the contracts without any time and cost overrun received through appropriate transparent mechanism” Pipavav Defence said in a BSE filing.
The JV, named Mazagon Dock Pipavav, is to start by implementing part of the existing orders of Mazagon Dock of Rs 1,00,000 crore ($21.69 billion).
The stock opened at Rs 67.70 and touched high of Rs 68.50 on BSE. A combined 211,155 shares have changed hands on the counter so far on BSE and NSE.
“The joint venture can go ahead and can carry on the business on an open and transparent basis. The JV will execute the contracts without any time and cost overrun received through appropriate transparent mechanism” Pipavav Defence said in a BSE filing.
The JV, named Mazagon Dock Pipavav, is to start by implementing part of the existing orders of Mazagon Dock of Rs 1,00,000 crore ($21.69 billion).
The stock opened at Rs 67.70 and touched high of Rs 68.50 on BSE. A combined 211,155 shares have changed hands on the counter so far on BSE and NSE.
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