The company said with an expected naval capital outlay in ship building for the next 10 years at Rs 2,25,000 crore and conservative share of private sector amounting to Rs 1,12,500 crore, PDOC is participating in various programmes.
Reliance Defence said on Thursday it had 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
As per data on BSE, FIIs held 4.79 percent in Pipavav Defence and Offshore Engineering as of quarter ended September 2015.
The company has also been selected by United Shipbuilding Company of Russia for the manufacture of four Talwar class frigates, sources added.
Refit and life extension will provide an additional 10-15 years of operational life bringing in great relief to the Navy, facing serious depletion in its underwater assets due to delays in new inductions.
Market breadth ended positive with 1,789 stocks advancing against 1,005 declines on BSE.
To attract foreign direct investment and boost defence manufacturing in the country, which imports up to 70 percent of its military hardware, the government has raised the FDI cap to 49 percent.
The open offer made by Reliance Defence Systems and Reliance Infrastructure, for purchase of over 19.14 crore shares, has been made at a price of Rs 66 each, as per the offer documents filed with the markets regulator Sebi.
Buying by participants in the last 30 minutes of trading helped the gauge bounce back to close 68.22 points, or 0.23 percent, higher at 29,448.95.
In the biggest deal in the defence sector, billionaire Anil Ambani-led Reliance Infrastructure today announced acquisition of controlling stake in Pipavav Defence and Offshore Engineering for up to Rs 2,082.3 crore.
After facing competition from Hero Group for one of India's leading shipyards Pipavav Defence, Mahindra is looking to buy a stake in ABG to expand its land and naval defence equipment.
India is the world's largest importer of defence equipments with tens of billions of dollars in annual purchases of critical equipment for the armed forces.
Hero MotoCorp Ltd promoter Hero Group today further divested its equity holding in the company by selling shares worth Rs 944.76 crore, a day after undertaking a similar exercise for Rs 1,865.44 crore.
Riding high on optimism over the upcoming Budget and hopes of rate cut, Indian markets rose for the sixth straight day with benchmark Sensex surging 184.38 points to close at three-week high of 29,320.26 today.
Shares of Pipavav Defence & Offshore Engineering surged over 16 percent in morning trade as reports said that Mahindra & Mahindra is planning to buy around 25-30 percent stake in the company for an aggregate amount of Rs 3,000 crore in a three phase deal.
Private sector banks report good numbers largely due to their increased focus on the retail lending segment and the appreciation on their investment portfolios.
The equity markets closed in red on Monday as traders await a firm decision on the fiscal cliff issue from the US.
A large-scale selling was witnessed in a host of mid-cap and small-cap companies yesterday amid speculations about high level of pledging of promoter shares and margin calls being triggered in these shares.
Some of the stocks affected are as follows: Tulip Telecom declined by 35 percent,Radico Khaitan by14 percent, Pipavav Defence Offshore by 19 percent, Everonn Education by 20 percent.