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This is an archive article published on June 18, 2010

Pipavav Shipyard hits 52-week high

Pipavav Shipyard rose nearly 5 pct amid reports that RIL may pick up a 26 pct stake in it.

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Pipavav Shipyard rose nearly 5 per cent to hit an year-high on BSE in morning trade amid media reports that country8217;s most valued company Reliance Industries may pick up a 26 per cent stake in it.

Shares of Pipavav Shipyard touched a 52-week high of Rs 104.95 on BSE,up 4.79 per cent from previous close,in morning trade.

As per reports,the promoter of Pipavav Shipyard Ltd PSL,Nikhil Gandhi,said the company will issue a 26 per cent fresh equity to a strategic investor. Nikhil Gandhi is the chairman of SKIL Infrastructure,which holds 39.5 per cent stake in the country8217;s largest integrated shipyard PSL.

Shares of Pipavav were quoting at Rs 102.40,up by 2.25 per cent,at 1015 hrs,while RIL was trading 1.27 per cent higher at Rs 1,084.95 on BSE.

 

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