Pipavav Defence shrugs off weak Q1 results

Pipavav Defence & Offshore Engineering Company rose 3.14% to Rs 49.25 at 11:06 IST on BSE after net profit fell 23.6% to Rs 5.56 crore on 54.9% decline in net sales to Rs 315.53 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced after market hours on Thursday, 14 August 2014. The stock market was closed on Friday, 15 August 2014, on account of Independence Day.

Meanwhile, the S&P BSE Sensex was up 98.26 points or 0.38% at 26,201.49.

On BSE, so far 35,000 shares were traded in the counter as against average daily volume of 3.64 lakh shares in the past one quarter.

The stock hit a high of Rs 49.25 and a low of Rs 47.50 so far during the day. The stock had hit a 52-week high of Rs 73.90 on 6 June 2014. The stock had hit a 52-week low of Rs 30.55 on 4 February 2014.

The stock had underperformed the market over the past one month till 14 August 2014, sliding 16.74% compared with Sensex's 4.38% rise. The scrip had also underperformed the market in past one quarter, advancing 6.82% as against Sensex's 9.61% rise.

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

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

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