Reliance Defence rises 5% on contract with US Navy

Moneycontrol BureauShares of Reliance Defence and Engineering gained more than 5 percent intraday Monday as it has been selected by US Navy for repair and maintenance works.The company has signed the master ship repair agreement with US Navy to perform complex repair and alternation services for the US Navy's seventh fleet vessels operating in the region.Reliance Shipyard at Pipavav, Gujarat is the first shipyard in India to have received MSRA Certification to undertake servicing and repairing works for the vessels of seventh fleet.Reliance Shipyard has been selected after a detailed site survey by US government representatives in end October 2016.Reliance Defence has posted net loss at Rs 132.7 crore in the quarter ended December 2016 against loss of Rs 293.6 crore, in the same quarter last fiscal.The company's EBITDA was at Rs 4.1 crore versus EBITDA loss of Rs 127 crore.At 13:43 hrs Reliance Defence and Engineering was quoting at Rs 59.50, up Rs 0.75, or 1.28 percent on the BSE.Posted by Rakesh Patil