Reliance Defence gains after emerging as lowest bidder for building partol vessels

Reliance Defence & Engineering rose 3.39% to Rs 61 at 14:58 IST on BSE after the company emerged as lowest bidder for building 14 Fast Patrol Vessels.

Meanwhile, the S&P BSE Sensex was up 286.90 points, or 1.01%, to 28,794.32

On BSE, so far 14.17 lakh shares were traded in the counter, compared with average daily volume of 6.72 lakh shares in the past one quarter. The stock hit a high of Rs 61.45 and a low of Rs 59.70 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 30 days till 21 September 2016, falling 9.79% compared with 1.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 8.1% as against Sensex's 5.57% rise.

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

In a clarification to reports indicating that the company has won bid to build 14 Fast Patrol Vessels, Reliance Defence and Engineering during market hours today, 22 September 2016 clarified that it has emerged as the lowest bidder to build 14 Fast Patrol Vessels for the Indian Coast Guard (ICG). The approximate order value is Rs 920 crore, Reliance Defence and Engineering said.

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 total income dropped 34.21% to Rs 74.18 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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