India's Rane Madras hits four-year high on plans to divest U.S. unit

Rane (Madras)

17/05/2023 10:00

** Shares of Rane (Madras) Ltd  RAMD.NS  surged as much as
17.65% to 573.60 rupees, highest in over four years since Sept.
27, 2018
    ** Uptick after the steering gear and suspension linkage
products maker decides to explore options for divestment of its
U.S. unit Rane Light Metal Casting  urn:newsml:reuters.com:*:nFWN37E0EB
    ** Rane Light Metal is engaged in manufacturing high
pressure aluminium die casting for automotive and other
industrial applications
    ** Stock most active in 16 months, with a trading volume of
560,007 shares as of 2:19 p.m. IST, nearly nine times the 30-day
avg - Refinitiv data
    ** The relative strength index is 78, suggesting the stock
may be overbought 

    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))