Pipavav Defence and Offshore Engineering Company fell 3.65% to Rs 51.50 at 15:20 IST on BSE on profit booking after the stock rose 8.31% in the preceding two trading sessions.
Meanwhile, the BSE Sensex was down 158.16 points, or 0.55%, to 28,692.81.
On BSE, so far 8.58 lakh shares were traded in the counter, compared with an average volume of 10.54 lakh shares in the past one quarter.
The stock hit a high of Rs 53.95 and a low of Rs 50.85 so far during the day. The stock hit a 52-week high of Rs 73.90 on 6 June 2014. The stock hit a 52-week low of Rs 33.25 on 26 March 2014.
Shares of Pipavav Defence and Offshore Engineering Company (Pipavav Defence) rose 8.31% in the preceding two trading sessions to Rs 53.45 on 5 February 2015, from a recent low of Rs 49.35 on 3 February 2015.
The stock had outperformed the market over the past one month till 5 February 2015, rising 19.44% compared with 3.62% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.30% as against Sensex's 3.35% rise.
The mid-cap company has an equity capital of Rs 736.21 crore. Face value per share is Rs 10.
Shares of Pipavav Defence spurted 6.90% to Rs 53.45 on Thursday, 5 February 2015, on a media report that Mahindra & Mahindra, the Hero group and a French shipbuilder have started separate discussions with the promoters of Pipavav Defence to purchase a 19% stake in the company.
As on 31 December 2014, promoters owned 44.50% stake in Pipavav Defence.
A successful foreign bidder could hike its stake to as much as 49% through an open offer. In case an Indian company buys the 19% stake, it will have the option to raise it to 51%, the report added.
Pipavav Defence will announce Q3 results on 13 February 2015. The company reported net loss of Rs 68.33 crore in Q2 September 2014 as against net profit of Rs 4.54 crore in Q2 September 2013. Net sales declined 74.13% to Rs 208.17 crore in Q2 September 2014 over Q2 September 2013.
Pipavav Defence is an integrated defence, heavy engineering and offshore oil & gas assets construction company.
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