Pipavav sets sail

Pipavav Defence is amongst the top gainers on the BSE currently, the stock is up over 2% at Rs.70.35. Its 52-week high is at Rs.98.35. Market cap stands at Rs.4932 crore.

The stock is up after it announced  that it had received contract to build two specialised Offshore vessels for its European client. The value of the contract is Rs. 1,160 crore, to be delivered over next 12 to 16 months. The company has stated that its order book crosses US$ 2bn mark and is looking to close at least 3 more contracts in the next 2 quarters in the Offshore and Naval segment.

The company has also stated that it has also received interest from the European investor for investment in the company, subject to approval from the Board of Directors, shareholders and required statutory approvals.