Kinetic Engineering advances on proposal to issue preferential shares

Kinetic Engineering rose 3.67 % to Rs 79.05 at 10:20 IST on BSE after the company scheduled a board meeting on 8 April 2017, to consider the proposal of preferential shares.

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P Sensex was down 71.59 points, 0.24% at 29,902.65. The S&P BSE Small-cap index was up 19.80 points, 0.13% at 14,804.48.

On the BSE, 2,751 shares were traded on the counter so far as against the average daily volumes of 18,963 shares in the past one quarter. The stock had hit a high of Rs 84.50 and a low of Rs 79 so far during the day.

The stock had hit a 52-week high of Rs 109.80 on 3 November 2016 and a 52-week low of Rs 69.55 on 22 March 2017. The stock had underperformed the market over the past one month till 5 April 2017, advancing 0.79% compared with the Sensex's 3.96% rise. The scrip had also underperformed the market over the past one quarter declining 10.24% as against the Sensex's 11.52% rise.

The small-cap company has equity capital of Rs 16.73 crore. Face value per share is Rs 10.

Kinetic Engineering said that a meeting of the board of directors of the company has been scheduled on Saturday, 8 April 2017, to consider the proposal of preferential issue of shares.

Kinetic Engineering reported net loss of Rs 4.86 crore in Q3 December 2016, as compared with net loss of Rs 0.21 crore in Q3 December 2015. Net sales rose 26.7% to Rs 19.57 crore in Q3 December 2016 over Q3 December 2015.

Kinetic Engineering manufactures a variety of automobile components.

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