Reliance Naval Q2 loss widens to Rs 150.6 crore

Reliance Naval and Engineering Ltd today said its standalone loss widened to Rs 150.6 crore for the second quarter ended September 30.
The company had posted a standalone loss of Rs 116 crore in the corresponding quarter of previous fiscal, Reliance Naval and Engineering said in a filing to BSE.
The total revenue of the company during July-September period declined to Rs 91.9 crore over Rs 106.6 crore in the year-ago period.
However, the total expenses declined to Rs 78.9 crore, from Rs 87 crore in the same quarter of previous fiscal.
The company which is in the business of ship-building and repairing has got a go-ahead from the the board to raise up to Rs 1,500 crore through rights issue.

The decision on the same was taken in the board meeting held today.
"The board of directors...has reviewed and approved the rights issue of up to Rs 1,500 crore," the company said.
However, raising of the money is subject to requisite sanctions and approvals, it said.