Pipavav Defence corrects on profit booking

Pipavav Defence and Offshore Engineering Company fell 2.81% to Rs 65.70 at 14:58 IST on BSE on profit booking after the stock surged 57.76% in the preceding 11 trading sessions to Rs 67.60 on 30 May 2014, from a recent low of Rs 42.85 on 15 May 2014.

Meanwhile, the BSE Sensex was up 452.10 points, or 1.87%, to 24,669.44.

On BSE, so far 8.24 lakh shares were traded in the counter, compared with an average volume of 4.32 lakh shares in the past one quarter.

The stock hit a high of Rs 70.95 and a low of Rs 64.55 so far during the day. The stock hit a 52-week high of Rs 71.50 on 17 July 2013. The stock hit a 52-week low of Rs 30.55 on 4 February 2014.

The stock had outperformed the market over the past one month till 30 May 2014, rising 41.57% compared with 8.03% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 100.30% as against Sensex's 14.66% rise.

The mid-cap company has an equity capital of Rs 736.21 crore. Face value per share is Rs 10.

Net profit of Pipavav Defence & Offshore Engineering Company declined 84.10% to Rs 1.31 crore on 38.01% decline in net sales to Rs 449.10 crore in Q4 March 2014 over Q4 March 2013.

Pipavav Defence is an integrated defence, heavy engineering and offshore oil & gas assets construction company.

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