Pipavav Defence & Offshore Engineering Company, a shipbuilding company in India witnessed a rise in share price on Thursday after news reports suggested that Mahindra & Mahindra is planning to buy a majority stake in the company.

Shares of the company are trading at Rs 70.35, up Rs 6.4, or 10.01% at the Bombay Stock Exchange (BSE) on Thursday at 10:53 a.m.

The scrip has touched an intra-day high of Rs 74.40 and low of Rs 67.00. The total volume of shares traded at the BSE is 6,644,669.