Monday, November 29, 1999

Pipavav Shipyard hits 52-week high

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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 country'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 country'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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