Pipavav Shipyard signs MoU with SAAB Dynamics; stock gains

MUMBAI: Shares of Pipavav Shipyard surged higher after the company signed memorandum of understanding with SAAB Dynamics, a part of Wallenberg Group.

Pipavav Shipyard recently signed a protocol with Rosoboron Export, a Russian government arm, for defence co-operation with foreign governments.

SAAB is engaged in business of providing products, services and solutions from military defence to civil security.

The stock reacted positively and was at Rs 79.95, up 2.50 per cent on the BSE. It touched a high of Rs 82 and low of Rs 78.70 intraday. Around 28.83 lakh shares were traded in the counter.