Pipavav Defence gains 1.2%; Foreign investors can now invest up to 12%

RBI allowed foreign investors to invest up to 12 per cent and NRIs/ Persons of Indian Origin up to 2% of the paid up capital of Pipavav Defence and Offshore Engineering Limited under the Portfolio Investment Scheme.

Pipavav Defence and Offshore Engineering has gained 1.2% at Rs. 63.70 on BSE. Reserve Bank of India notified that Registered Foreign Portfolios Investors (RFPIs)/Foreign Institutional Investors (FIIs)/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of Pipavav Defence and Offshore Engineering Limited under the Portfolio Investment Scheme (PIS).

The scrip opened at Rs. 63.75 and has touched a high and low of Rs. 63.9 and Rs. 63.4 respectively. So far 5,55,237 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4634.44 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 85 on 19-Feb-2015 and a 52 week low of Rs. 34.4 on 01-Dec-2014. Last one week high and low of the scrip stood at Rs. 63.5 and Rs. 59.2 respectively.

The promoters holding in the company stood at 42.24 % while Institutions and Non-Institutions held 17.13 % and 40.63 % respectively.

The stock is currently trading below its 200 DMA.