Pipavav Defence slumps nearly 35% in 15 sessions

Pipavav Defence and Offshore Engineering Company hit a lower circuit limit of 5% at Rs 42.75 at 15:13 IST on BSE, extending recent steep losses to hit a record low today, 5 September 2013.

Meanwhile, the BSE Sensex was up 407.49 points, or 2.19%, to 18,975.04.

On BSE, 5.59 lakh shares were traded in the counter compared with average volume of 2.98 lakh shares in the past one quarter.

The stock was currently frozen at the record low of Rs 42.75 today, 5 September 2013. The stock hit a 52-week high of Rs 98.35 on 13 December 2012.

The stock has fallen 34.98% in 15 consecutive trading sessions from a recent high of Rs 65.75 on 14 August 2013.

The stock had underperformed the market over the past one month till 4 September 2013, sliding 32.91% compared with the Sensex's 3.11% decline. The scrip had also underperformed the market in past one quarter, falling 35.09% as against Sensex's 5% fall.

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

On 29 August 2013, Pipavav Defence and Offshore Engineering Company announced that a consortium of the company and L&T has bagged an order worth over $170 million from ONGC. Pipavav Defence also said that the order book of the company had crossed Rs 12000 crore.

Net profit of Pipavav Defence & Offshore Engineering Company surged 260.40% to Rs 7.28 crore on 22.17% rise in net sales to Rs 699.29 crore in Q1 June 2013 over Q1 June 2012.

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

Powered by Capital Market - Live News