Pipavav Defence slumps over 38% in 16 sessions

Pipavav Defence and Offshore Engineering Company hit a lower circuit limit of 5% at Rs 40.65 at 15:05 IST on BSE, extending recent steep losses to hit a record low today, 6 September 2013.

Meanwhile, the BSE Sensex was up 283.42 points, or 1.49%, to 19,263.18.

On BSE, 6.11 lakh shares were traded in the counter compared with average volume of 3 lakh shares in the past one quarter.

The stock was currently frozen at the record low of Rs 40.65 today, 5 September 2013. The stock hit a 52-week high of Rs 98.35 on 13 December 2012.

The stock has fallen 38.17% in 16 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 5 September 2013, sliding 36.29% compared with the Sensex's 1.06% decline. The scrip had also underperformed the market in past one quarter, falling 37.95% as against Sensex's 3.01% 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.

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