India's Rane Holdings jumps 20% max limit on settlement of claims with NSK

Rane Holdings

01/07/2024 08:26

** Shares of Rane Holdings  RANE.NS  rise an
exchange-allowed maximum of 20% to 1,605 rupees 
    ** The auto parts maker said its unit settled claims
including warranty with Japan's NSK  6471.T 
    ** NSK to pay 1.76 bln rupees ($21.1 mln) to RANE's unit,
Rane NSK Steering Systems (RNSS)
    ** RANE also acquired 51% stake in RNSS from NSK, in a deal
worth 450 mln rupees; now holds 100% of RNSS
    ** Including session's gains, stock is up ~25% YTD 

($1 = 83.3950 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))