Pipavav Defence jumps on bargain hunting

Pipavav Defence and Offshore Engineering Company jumped 4.06% to Rs 44.90 at 11:50 IST on BSE on bargain hunting after a recent steep slide.

Meanwhile, the BSE Sensex was up 88.11 points, or 0.39%, to 22,533.23.

On BSE, so far 2.82 lakh shares were traded in the counter, compared with an average volume of 4.07 lakh shares in the past one quarter.

The stock hit a high of Rs 45.30 and a low of Rs 41.25 so far during the day. The stock hit a 52-week high of Rs 72.10 on 6 May 2013. The stock hit a record low of Rs 30.55 on 4 February 2014.

Shares of Pipavav Defence and Offshore Engineering Company (Pipavav Defence) tumbled 14.13% in the preceding three trading sessions to Rs 43.15 on 5 May 2014, from a recent high of Rs 50.25 on 29 April 2014.

The stock had outperformed the market over the past one month till 5 May 2014, rising 15.99% compared with the Sensex's 0.38% rise. The scrip had also outperformed the market in past one quarter, rising 26.17% as against Sensex's 10.78% 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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