Pipavav Defence jumps on bargain hunting

Pipavav Defence and Offshore Engineering Company hit an upper circuit limit of 5% at Rs 33.75 at 14:28 IST on BSE on bargain hunting after the stock slumped about 29% in the preceding fifteen trading sessions.

Meanwhile, the BSE Sensex was up 7.39 points, or 0.04%, to 20,216.65.

On BSE, so far 14.71 lakh shares were traded in the counter, compared with an average volume of 3.67 lakh shares in the past one quarter.

The stock hit a low of Rs 30.55 in early trade, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 89.40 on 4 February 2013.

Shares of Pipavav Defence and Offshore Engineering Company (Pipavav Defence) slumped 28.56% in the preceding fifteen trading sessions to Rs 32.15 on 3 February 2014, from a recent high of Rs 45 on 13 January 2014.

The stock had underperformed the market over the past one month till 3 February 2014, falling 28% compared with the Sensex's 3.08% fall. The scrip had underperformed the market in past one quarter, sliding 38.35% as against Sensex's 4.85% decline.

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

Net profit of Pipavav Defence declined 46.02% to Rs 4.54 crore on 34.07% increase in net sales to Rs 804.78 crore in Q2 September 2013 over Q2 September 2012.

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

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