Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE after the company termed recent media reports of Mahindra & Mahindra planning to acquire the company as speculative..
Shares of Mahindra & Mahindra were up 1.35% to Rs 665 at
The stock had a 52-week high of Rs 54.95 on
The company’s current equity is Rs 21.07 crore. Face value per share is Rs 10.
Kinetic Motor Company said it is exploring various alternatives to raise funds for its two wheeler business. It, however, said no definitive agreement has been entered with any investor or Mahindra & Mahindra in this regard.
Rumours have been doing rounds that M&M is looking to acquire the Pune-based two-wheeler maker. The acquisition of Kinetic Motors will help Mahindra & Mahindra (M&M) to enter the two-wheeler market. M&M is trying to foray into the two-wheeler market since past 2-3 years, reports suggest.
Kinetic Motor Company reported a net loss of Rs 18.10 crore in Q4 March 2008 compared to a net loss of Rs 14.83 crore in Q4 March 2007. The company’s sales declined 34.9% to Rs 27.4 crore in Q4 March 2008 over Q4 March 2007.
The company is engaged in manufacture of two-wheelers under the Kinetic brand.
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