Reliance Defence and Engineering advances after huge bulk deal

Reliance Defence and Engineering rose 3.86% to Rs 55.20 at 11:55 IST on BSE after a huge bulk deal of 1.23 crore shares was executed on the scrip at Rs 55.10 per share at 09:35 IST on BSE.

Meanwhile, the S&P BSE Sensex was up 3.57 points, or 0.01%, to 25,983.17

Bulk deal boosted volume on the scrip. On the BSE, 1.29 crore shares were traded on the counter so far as against the average daily volumes of 3.42 lakh shares in the past one quarter. The stock had hit a high of Rs 56.80 and a low of Rs 53 so far during the day.

The stock hit a 52-week high of Rs 114 on 28 December 2015. The stock hit a 52-week low of Rs 48.40 on 22 November 2016. The stock had outperformed the market over the past 30 days till 22 December 2016, rising 5.04% compared with the 0.28% fall in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 12.58% as against Sensex's 9.38% decline.

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

Reliance Defence and Engineering reported net loss of Rs 116.29 crore in Q2 September 2016, lower than net loss of Rs 170.49 crore in Q2 September 2015. Reliance Defence & Engineering's total income rose 68.91% to Rs 106.21 crore in Q2 September 2016 over Q2 September 2015.

Reliance Defence and Engineering (formerly Pipavav Defence and Offshore Engineering Company) is into building defence warships.

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