Reliance Defence & Engineering gained 2.27% to Rs 65.35 at 15:15 IST on BSE after the company said it signed sub-concession agreement with Gujarat Maritime Board and Gujarat Pipavav Port at Gandhinagar, Gujarat.
The announcement was made during market hours today, 22 July 2016.Meanwhile, the S&P BSE Sensex was up 76.15 points or 0.27% at 27,785.52.
On BSE, so far 4.65 lakh shares were traded in the counter as against average daily volume of 4.88 lakh shares in the past one quarter. The stock hit high of Rs 66.90 and low of Rs 63.80 so far during the day. The stock had underperformed the market over the past one month till 21 July 2016, falling 2.29% compared with Sensex's 3.35% rise. The scrip had also underperformed the market in past one quarter, dropping 5.12% as against Sensex's 7.07% rise.
The mid-cap company has equity capital of Rs 736.21 crore. Face value per share is Rs 10.
Reliance Defence & Engineering said that the sub-concession agreement (SCA) is for a period of 30 years expiring in June 2046. The term of SCA may be further extended. The SCA grants sub-concession, right and authority to Reliance Defence & Engineering to build, operate and manage defence/commercial shipyard activities on the terms and conditions mentioned therein.
Reliance Defence & Engineering formerly Pipavav Defence and Offshore Engineering Company is into building defence warships.
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