Reliance Defence and Engineering Limited (RDEL), promoted by Reliance Infrastructure Limited (RInfra) has signed a contract with Ministry of Defence (MoD), Government of India, pertaining to the designing and construction of 14 Fast Patrol Vessels (FPVs) for the Indian coast guard, and amounting to Rs 916 crore.
In a competitive bidding process undertaken by the MoD, Govt. of India, RDEL emerged as the winner, with participation of all the private sector and public sector shipyards, L&T, Goa Shipyard, Garden Reach Shipbuilders & Engineers and Cochin Shipyard.
FPVs are mainly used for patrol within the Exclusive Economic Zone (‘EEZ’), coastal patrol, anti-smuggling, anti piracy, search & rescue operations and are medium range, high speed vessels; and when the need arises the FPVs also support front line warships.
Reliance Defence & Engineering Ltd is currently trading at Rs 60.75, up by Rs 3.5 or 6.11% from its previous closing of Rs 57.25 on the BSE.
The scrip opened at Rs 58.6 and has touched a high and low of Rs 61.9 and Rs 58.15 respectively. So far 5699744(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4214.8 crore.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 77.1 on 27-Jan-2016 and a 52 week low of Rs 48.4 on 22-Nov-2016. Last one week high and low of the scrip stood at Rs 58.25 and Rs 55.95 respectively.
The promoters holding in the company stood at 29.9 % while Institutions and Non-Institutions held 14.31 % and 55.79 % respectively. The stock is currently trading above its 200 DMA.
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