Reliance Defence corrects on profit booking

Reliance Defence & Engineering fell 5.30% to Rs 65.20 at 13:30 IST on BSE on profit booking after a recent rally.

Meanwhile, the BSE Sensex was down 185.53 points, or 0.64%, to 28,859.75.

On BSE, so far 10.64 lakh shares were traded in the counter, compared with average daily volume of 4.86 lakh shares in the past one quarter. The stock hit a high of Rs 70 and a low of Rs 64.95 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 52.65 on 12 February 2016. The stock had outperformed the market over the past 30 days till 8 September 2016, rising 7.49% compared with 4.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.46% as against Sensex's 9.05% rise.

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

Shares of Reliance Defence & Engineering rose 8.08% in four trading sessions to settle at Rs 68.85 yesterday, 9 September 2016, from its close of Rs 63.70 on 1 September 2016.

Reliance Defence & Engineering reported net profit of Rs 102.44 crore in Q1 March 2016 as against net loss of Rs 158.28 crore in Q1 March 2015. Net sales rose 89.26% to Rs 93.42 crore in Q4 March 2016 over Q4 March 2015.

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

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