Pipavav Defence zooms over 60% in two-weeks

The stock rallied 66% to Rs 82.80 from Rs 50 on February 2 on BSE.

Shares of Pipavav Defence and Offshore Engineering Company have surged 20% to Rs 82.80, also its fresh 52-week high on the BSE, on the back of heavy volumes.

Till 1037 hours, a combined 33.64 million shares changed hands on the counter against an average sub 15 million shares that were traded daily in past two weeks on the BSE and NSE.

In past two weeks the stock has rallied 66% from Rs 50 on February 2, on media reports stating that the Mahindra and Mahindra (M&M) would purchase a stake in Pipavav Defence and Offshore Engineering.

However, in a clarification on stock exchanges, Pipavav Defence denied that it was in talks to sell a stake to M&M.

"There are no negotiations/agreements which the company has entered into which requires disclosure under clause 36 of the listing agreement," Pipavav Defence said in a regulatory statement.

If there are any legally binding Agreements on any material issues in terms of Clause 36 of Listing Agreement, then the Company will inform the Stock Exchanges as and when legally binding Agreements are executed, it added.

Meanwhile, on Monday, February 16, 2015 JM Financial Products Private Limited sold 12 million shares of Pipavav Defence for about Rs 79 crore.

JM Financial Products Private Limited sold 6.9 million shares of Pipavav Defence at Rs 65.76 on the BSE and sold 5.1 million shares at Rs 65.75 on the NSE.