Gujarat Pipavav Port hits 52-week low

Gujarat Pipavav Port tumbled 4.2% to Rs 124.25 at 12:56 IST on BSE on reports that a foreign brokerage has maintained reduce rating on the stock with a target price of Rs 110.

Meanwhile, the S&P BSE Sensex was down 222.61 points or 0.85% at 25,818.09.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 71,556 shares in the past one quarter. The stock hit a low of Rs 121.20 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 129.60 so far during the day.

The stock had hit a 52-week high of Rs 197.35 on 9 September 2016. It had underperformed the market over the past one month till 23 December 2016, sliding 7.59% compared with the Sensex's 0.04% fall. The scrip had also underperformed the market in past one quarter, declining 24.48% as against the Sensex's 9.17% fall.

The mid-cap company has equity capital of Rs 483.44 crore. Face value per share is Rs 10.

Gujarat Pipavav Port's net profit fell 32.1% to Rs 59.42 crore on 17.8% growth in net sales to Rs 163.95 crore in Q2 September 2016 over Q2 September 2015.

Gujarat Pipavav Port is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group.

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