Shares of Reliance Defence and Engineering rose over 2 percent intraday on Tuesday, after a media report stated that the company's joint venture with Dassault Aviation will get a big chunk of the Rafale jet deal and will target businesses worth Rs 20,000 crore as part of the offsets for the contract. The company, at an analyst meet held on Monday, said that the JV is looking to make a supply chain for Rafale jets in India. According to the report, the company also announced intentions to look at opportunities in Army and Air Force. Meanwhile, the company narrowed its losses for December quarter to Rs 132.7 crore for the quarter ended December 31, 2016, on the back higher revenue from operations. The company had posted a net loss of Rs 293.6 crore in the corresponding quarter of the previous financial year, Reliance Defence and Engineering said in a filing to BSE.The stock has soared over 20 percent in the past three months, and gained over 10 percent in the past one month. In the run up to the meet, it rose over 6 percent as well. At 11:02 hrs Reliance Defence and Engineering was quoting at Rs 63.45, up Rs 0.65, or 1.04 percent on the BSE. It touched an intraday high of Rs 64.20 and an intraday low of Rs 62.25.
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