Pipavav Defence jumps after board approves debt restructuring plans

Pipavav Defence and Offshore Engineering Company rose 5.59% to Rs 60.45 at 14:48 IST on BSE after the company said its board approved a debt restructuring package.

The announcement was made after market hours yesterday, 31 March 2015.

Meanwhile, the BSE Sensex was up 171.30 points, or 0.61%, to 28,128.79.

On BSE, so far 12.37 lakh shares were traded in the counter, compared with an average volume of 31.07 lakh shares in the past one quarter.

The stock hit a high of Rs 61 and a low of Rs 57.45 so far during the day. The stock hit a 52-week high of Rs 85 on 19 February 2015. The stock hit a 52-week low of Rs 34.40 on 1 December 2014.

The stock had underperformed the market over the past one month till 31 March 2015, falling 23.31% compared with 4.78% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 42.24% as against Sensex's 1.67% rise.

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

Pipavav Defence and Offshore Engineering Company (Pipavav Defence) said that the Corporate Debt Restructuring Empowered Group approved the Corporate Debt Restructuring Package (CDR package) for the company. In this regard the lenders of the company and the company have entered into relevant agreements for implementation of the CDR Package, Pipavav Defence said in a statement.

Pipavav Defence & Offshore Engineering Company reported net loss of Rs 70.22 crore in Q3 December 2014 as against net loss of Rs 4.77 crore in Q3 December 2013. Net sales declined 20.08% to Rs 250.96 crore in Q3 December 2014 over Q3 December 2013.

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

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