Kinetic Motor revs up on preferential issue to BCCL

DALAL STREET SPIKES

The Kinetic Motor scrip jumped by 5.26 per cent to Rs 69.05 after company's board passed resolution for issue of 14.18 lakh equity shares of Rs 10 each at a price of Rs 70.52 per equity share (including a premium of Rs 60.52 per share) on preferential issue basis, to Bennett Coleman & Company Ltd, Mumbai.

After their foray into the European markets through their scooter Nova, the company is now eyeing at the US market to launch the same. Kinetic Motors is a leading maker of two-stroke ungeared scooters under the Kinetic brand.

For the quarter ended 30 June 2005, the company reported a net loss of Rs 10.86 crore on net sales of Rs 24.42 crore.