Multibagger auto component stock Rane Madras jumps 9% after land sale move worth over ₹360 crore
The small-cap stock opened at ₹ 873.70 against its previous close of ₹ 863.80 and jumped 9.4 per cent to an intraday high of ₹ 945.25. Around 2:25 PM, Rane (Madras) share price traded almost 8 per cent up at ₹ 932. Equity benchmark Sensex was 0.22 per cent up at 83,941 at that time.
During market hours on June 27, the company said in an exchange filing that it had entered into an agreement with Canopy Living LLP, which is a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited, to sell 3.48 acres of land in Velachery, Chennai, for a consideration of ₹ 361.18 crore.
The company said this land monetisation will achieve twin objectives of reducing debt and integrating city offices of various divisions to further unlock the merger's long-term cost synergies.
The total extent of land in Velachery is 4.50 acres. Rane (Madras) said it would retain the balance portion of the land, where a new office will be constructed.
Rane (Madras) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. The company claims to be a preferred supplier to major OEMs (original equipment manufacturers) and the aftermarket in India and abroad.
Rane (Madras) manufactures various automotive products, such as steering and suspension systems, brake components, engine components, and light metal casting components.
According to the company's statement, it serves various industry segments, including passenger vehicles, commercial vehicles, farm tractors, two-wheelers, three-wheelers, railways, and stationary engines.
Over the last five years, the small-cap stock has given a multibagger return of nearly 300 per cent.
However, the stock's performance over the last year has been muted. It has gained just 4 per cent in the last one year, hitting a 52-week low of ₹ 577.95 on March 11 this year and a 52-week high of ₹ 1,525.75 on August 22 last year.
On a monthly scale, however, the stock has been in the green since March this year. In June so far, the small-cap stock has gained about 3 per cent.
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