Pipavav Shipyard gets clearance to build warships; stock up

MUMBAI: Pipavav Shipyard has received license to build warships for Indian Navy. It has also received clearance from foreign investment promotion board, ministry of finance, which permits foreign direct equity investment.

The clearance will help the company to bid warship projects like frigates, destroyers, aircraft carriers, LPDs, submarine, corvettes etc. of Indian Navy.

The stock was at Rs 79.45, up 1.34 per cent on the BSE. It touched a high of Rs 80.50 and low of Rs 79.05 in trade so far.