Pipavav Defence rallies on huge volumes

LIC bought 3.12% stake in Pipavav yesterday through an open market transaction via bulk deal on the NSE

Pipavav Defence and Offshore has rallied 5% at Rs 83.50 on back of huge volumes.

As many as a combined 10.08 million shares, representing more than 1% of equity capital of the company have changed hands so far, as against an average 6.7 million shares that were traded daily in past two weeks on the NSE and BSE.

Yesterday, Life Insurance Corporation (LIC) bought 3.12% stake in Pipavav through an open market transaction via bulk deal on the NSE. The insurance giant has acquired 21.53 million shares of the company at Rs 79.50 per share, valuing the deal at Rs 171.21 crore, the data showed.