Technical analyst Anil Singhvi has maintained 'buy' rating on Pipavav Shipyard Limited stock with an intraday target of Rs 85.

According to analyst, the stock of the company can be bought with a stop loss of Rs 78.

The shares of the company, on March 21, closed at Rs 79.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 119.95 and a low of Rs 59.50 on BSE.

As per latest reports, Ovira Logistics Pvt. Ltd has purchase a 7.68 percent equity stake in Pipavav Shipyard Ltd from 3 Infrastructure Leasing and Financial Services Group firms via open market transactions.

Ovira Logistics bought 35.64 million scrips at Rs 80 per share from ILFS Ltd, 11.50 million scrips @ Rs 83 per share from IL&FS Financial Services Ltd and the other 3.96 million at Rs 82 per scrip from IL&FS Employee Welfare Trust.

During the last month, Pipavav Shipyard inked a MoU with Northrop Grumman Overseas Service Corporation, Delaware, USA (Northrop).

The deal will permit Pipavav Shipyard to concentrate on big opportunities present in the country's defence segment with the assistance of technology and expertness owned by Northrop.