Pipavav Defence drops on profit booking

Pipavav Defence and Offshore Engineering Company lost 2.2% to Rs 44.45 at 15:03 IST on BSE on profit booking after recent steep rally.

Meanwhile, the BSE Sensex was down 136.19 points, or 0.61%, to 22,348.74

On BSE, so far 4.21 lakh shares were traded in the counter, compared with an average volume of 4.50 lakh shares in the past one quarter.

The stock hit a low of Rs 46.35 and low of Rs 43.70 so far during the day. The stock hit a 52-week high of Rs 74.70 on 29 April 2013. The stock hit a 52-week low of Rs 30.55 on 4 February 2014.

Shares of Pipavav Defence and Offshore Engineering Company (Pipavav Defence) were on a roll recently, advancing 34.46% in eleven trading sessions to Rs 45.45 on 15 April 2014, from a recent low of Rs 33.80 on 27 March 2014.

The stock had outperformed the market over the past one month till 15 April 2014, rising 26.78% compared with the Sensex's 3.10% rise. The scrip, however, underperformed the market in past one quarter, rising 1.68% as against Sensex's 5.62% rise.

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

Pipavav Defence reported net loss of Rs 4.77 crore in Q3 December 2013 as compared to net profit of Rs 10.05 crore in Q3 December 2012. Net sales fell 49.3% to Rs 314.03 crore in Q3 December 2013 over Q3 December 2012.

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

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