&w=3840&q=100)
Rane Madras jumps 9% after co to sell land in Tamil Nadu for ₹361 cr
Rane (Madras) shares zoomed 9.1 per cent in trade on Friday, logging an intraday high at ₹943 per share on BSE. At 1:36 PM, Rane (Madras) share price was trading 8.6 per cent higher at ₹938.2 per share on the BSE. In comparison, the BSE Sensex was up 0.31 per cent at 84,018.25. The company's market capitalisation stood at ₹2,610.47 crore. Its 52-week high was at ₹1,525.75 per share and 52-week low was at ₹577.95 per share.
Why were Rane (Madras) shares buzzing in trade?
The stock climbed after the company announced the sale of 3.48 acres of land in Velachery for ₹361.18 crore.
The company entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations and Housing and Prestige Estates Project) to sell 3.48 acres of land.
The total extent of land in Velachery is 4.5 acres and Rane Madras will retain the balance portion of the land, where a new office will be constructed.
"Rane (Madras) Limited ('RML') has entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited) to sell 3.48 acres of land in Velachery. Total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed," the filing read.
The company believes that this land monetisation will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long-term cost synergies of the merger.
About Rane (Madras)
Rane (Madras) Limited is part of the Rane Group of companies, a leading auto component group based out of Chennai. The company is a preferred supplier to major original equipment manufacturers (OEMs) and aftermarkets in India and abroad. It manufactures various automotive products, viz. Steering and Suspension systems, Brake components, Engine components, and Light Metal Casting components. Its products serve a variety of industry segments including Passenger Vehicles, Commercial Vehicles, Farm Tractors, Two-wheelers, Three-wheelers, Railways and Stationery Engines.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
VRL Logistics board to meet on July 4 to consider bonus share issue
Live Events VRL Logistics share price history (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The board of directors of VRL Logistics is set to meet on Friday, July 4, in order to consider the issue of bonus shares for its shareholders , who will be eligible as on the record date, which will be declared later.'In accordance with the extant provisions of Regulations 29 of the SEBI (LODR) Regulations, 2015 referred above, we hereby inform that, a meeting of the Board of Directors of VRL Logistics Limited (the 'Company') will be held on Friday July 4, 2025, inter alia, to consider and recommend to the shareholders, for their approval, the capitalization of reserves & retained profits for issuance of Bonus shares,' said the company in a regulatory other details have been yet disclosed by the approved, this will be the first-ever bonus issue in the history of VRL Logistics, according to the Trendlyne data. bonus share issue is when a company gives additional shares to its existing shareholders for free, in proportion to the number of shares they already hold. It is usually done to reward shareholders and is issued from the company's accumulated example, in a 1:1 bonus issue, a shareholder receives one extra share for every one share held. While the number of shares increases, the overall value of the investment remains the same initially, as the share price adjusts issues do not involve any cash outflow and are often seen as a sign of the company's confidence in its future the past one year, the shares of VRL Logistics have gained 1.98%. On a year-to-date (YTD) basis, it is up 12.42%, while the six-month return stands at 11.57%. In the last three months, the stock has delivered a strong return of 21.09%. However, over the past one month, the gain has been marginal at just 0.10%.On Friday, VRL Logistics shares closed flat at Rs 573.10 on the BSE.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
an hour ago
- Time of India
VRL Logistics board to meet on July 4 to consider bonus share issue
Live Events VRL Logistics share price history (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The board of directors of VRL Logistics is set to meet on Friday, July 4, in order to consider the issue of bonus shares for its shareholders , who will be eligible as on the record date, which will be declared later.'In accordance with the extant provisions of Regulations 29 of the SEBI (LODR) Regulations, 2015 referred above, we hereby inform that, a meeting of the Board of Directors of VRL Logistics Limited (the 'Company') will be held on Friday July 4, 2025, inter alia, to consider and recommend to the shareholders, for their approval, the capitalization of reserves & retained profits for issuance of Bonus shares,' said the company in a regulatory other details have been yet disclosed by the approved, this will be the first-ever bonus issue in the history of VRL Logistics, according to the Trendlyne data. bonus share issue is when a company gives additional shares to its existing shareholders for free, in proportion to the number of shares they already hold. It is usually done to reward shareholders and is issued from the company's accumulated example, in a 1:1 bonus issue, a shareholder receives one extra share for every one share held. While the number of shares increases, the overall value of the investment remains the same initially, as the share price adjusts issues do not involve any cash outflow and are often seen as a sign of the company's confidence in its future the past one year, the shares of VRL Logistics have gained 1.98%. On a year-to-date (YTD) basis, it is up 12.42%, while the six-month return stands at 11.57%. In the last three months, the stock has delivered a strong return of 21.09%. However, over the past one month, the gain has been marginal at just 0.10%.On Friday, VRL Logistics shares closed flat at Rs 573.10 on the BSE.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business Standard
3 hours ago
- Business Standard
Prestige Estates & Arihant Group jointly acquire land in Chennai from Rane Madras
Prestige Estates Projects said that it has entered into an agreement with Arihant Group for jointly acquiring an agreement to jointly acquire a prime 3.48-acre land parcel in Velachery, Chennai from Rane Madras. The acquisition will be undertaken through their joint venture entity, Canopy Living LLP. The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated gross development value (GDV) of over Rs 1,600 crore. Located in one of Chennais most prominent and well-connected neighbourhoods, the site benefits from excellent access to IT corridors, social infrastructure, and thriving residential communities. Irfan Razack, chairman and managing director of Prestige Group, said: "Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments. Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles." Prestige Group is one of Indias most respected and diversified real estate developers, with a legacy of over three decades and a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. The Group has delivered 302 projects spanning 193 million square feet and currently has a pipeline of 130 projects across 203 million square feet. The scrip fell 1.90% to end at Rs 1666.70 on the BSE on Friday.
