Pipavav Defence and Offshore Engineering shares hit new 52-week high of Rs 114 and gained as much as 14 per cent in early trade on Monday after the company informed BSE on Thursday that it is in advanced negotiations with global customers, including Russian organisations, for multi-billion dollar contracts for building frigates and meeting other naval defence requirements for the country. However, it settled 1.90 per cent down at Rs 98.35.
Reliance Defence said on Thursday it has signed a manufacturing and maintenance deal potentially worth $6 billion with Russia’s Almaz-Antey, the maker of an air defence system that sources said the Indian military was poised to buy.
Ambani’s Reliance Infrastructure earlier this month took over sole management control of Pipavav Defence.
Around 70.32 lakh shares of Pipavav Defence exchanged hands on the BSE as compared with two-week average daily volume of 17.29 lakh shares.