Shares of Pipavav Defence are up on back of media reports that the defence ministry has absolved state-owned Mazagon Dock of any wrongdoing in selecting Pipavav as its partner, dealers said.
India's defence ministry had earlier decided to put on hold a joint venture between the state-run Mazagon Dock and the private sector shipbuilder after reports of lack of transparency in the deal. However, JV likely to take off only when the ministry puts in place new rules for JVs, the Economic Times report said.
At 12:55 p.m. shares of Pipavav Defence were at Rs 84.8, up 6.2 percent.
India's defence ministry had earlier decided to put on hold a joint venture between the state-run Mazagon Dock and the private sector shipbuilder after reports of lack of transparency in the deal. However, JV likely to take off only when the ministry puts in place new rules for JVs, the Economic Times report said.
At 12:55 p.m. shares of Pipavav Defence were at Rs 84.8, up 6.2 percent.