Board meeting ahead: Reliance Defence, Kinetic Engg jump up to 11%

NEW DELHI: Shares of Kinetic Engineering advanced by 11 per cent in Thursday’s trade after the company scheduled a board meeting on April 8 to consider the proposal of preferential shares.

Reliance Defense shares, on the other hand, jumped 3 per cent on BSE after the company said its board will meet on April 11 to consider rights issue of equity shares up to Rs 1,200 crore, which was approved at the board meeting held on April 22, 2016.

Shares of Reliance Defence, which owns one of the largest dry dock in the world, rose 3.42 per cent to hit a high of Rs 68.25 on BSE. Kinetic Engineering soared 10.81 per cent to hit a high of Rs 84.50 on BSE.

Both the companies had reported losses in the December quarter. Reliance Defence & Engineering reported a Rs 132.71 crore loss in the December quarter compared with a loss of Rs 293.60 crore in the year-ago quarter. Kinetic Engineering reported net loss of Rs 4.86 crore in for the third quarter, compared with net loss of Rs 0.21 crore in the same quarter last year.