Reliance Defence extends gains after winning patrol vessels building order

Reliance Defence & Engineering rose 1.15% to Rs 61.55 at 14:30 IST on BSE, with the stock extending previous session's gains triggered by the company emerging as lowest bidder for building 14 fast patrol vessels.

Meanwhile, the S&P BSE Sensex was down 13.59 points, or 0.05%, to 28,759.54.

More than usual volumes were traded on the counter. On BSE, so far 8.42 lakh shares were traded in the counter, compared with average daily volume of 6.93 lakh shares in the past one quarter. The stock hit a high of Rs 62.70 and a low of Rs 61 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 underperformed the market over the past one month till 22 September 2016, falling 8.08% compared with Sensex's 2.81% gains. The scrip also underperformed the market in past one quarter, declining 3.64% as against Sensex's 7.5% gains.

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

Reliance Defence and Engineering had risen 3.14% to Rs 60.85 yesterday. 22 September 2016 after the company clarified that it has emerged as the lowest bidder to build 14 fast patrol vessels for the Indian Coast Guard (ICG). The clarification was issued with respect to reports stating that the company has won bid to build 14 fast patrol vessels. The approximate order value is Rs 920 crore, Reliance Defence and Engineering said. The clarification was issued during market hours yesterday, 22 September 2016. The company said that appropriate disclosures will be made as and when the agreement is executed with the Indian Coast Guard, Ministry of Defence.

Reliance Defence & Engineering reported net loss of Rs 134.50 crore in Q1 June 2016, lower than net loss of Rs 167.27 crore in Q1 June 2015. Reliance Defence & Engineering's net sales dropped 35.1% to Rs 68.93 crore in Q1 June 2016 over Q1 June 2015.

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

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