Reliance Defence gains after delivering bulk carrier to international client

Reliance Defence and Engineering rose 1.49% to Rs 57.75 at 13:15 IST on BSE after the company said it delivered a newbuilt Panamax bulk carrier to one of the largest international shipping company.

The announcement was made during trading hours today, 18 January 2017.

Meanwhile, the BSE Sensex was up 53.99 points, or 0.20%, to 27,289.65.

On the BSE, so far 2.28 lakh shares were traded in the counter, compared with average daily volumes of 6.34 lakh shares in the past one quarter. The stock had hit a high of Rs 58.20 and a low of Rs 56.65 so far during the day.

The stock hit a 52-week high of Rs 81.15 on 21 January 2016. The stock hit a 52-week low of Rs 48.40 on 22 November 2016. The stock had underperformed the market over the past 30 days till 17 January 2017, rising 2.99% compared with the 3.26% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.34% as against Sensex's 2.68% decline.

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

Reliance Defence and Engineering (RDEL) said it delivered yet another 74,500 deadweight tonage (DWT) new-built ice-class Panamax bulk carrier, 'Sea Amber', on 17 January 2017 to an international customer.

Reliance Shipyard has delivered till date seven similar size, ice-class Panamax vessels to its international customers. The ship has been built as per one of the best-in-class international standards meeting the toughest environmental emission norms as well as fuel economy (EEDI standard). These are the largest dry bulk carriers of its class ever built in India. RDEL is the only Indian shipyard to achieve this landmark, the company said.

Reliance Defence & Engineering reported net loss of Rs 116.29 crore in Q2 September 2016 as against net loss of Rs 170.49 crore in Q2 September 2015. Net sales rose 86.3% to Rs 96.85 crore in Q2 September 2016 over Q2 September 2015.

Reliance Defence and Engineering (RDEL) has the largest engineering infrastructure in India and is one of the largest in the world. The company is the first private sector company in India to obtain the licence and contract to build warships.

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