India's Rane (Madras) jumps after reporting Q1 profit

Rane (Madras)

24/07/2024 09:15

** Shares of Rane (Madras) Ltd  RAMD.NS  rise as much as
15.3% to 960 rupees 
    ** Steering gears maker posted a Q1 consol profit of 34.1
mln rupees ($407,443) from a loss year ago
    ** Q1 total expenses fell 13% y/y; there was an exceptional
expense on provision for one-time warranty costs in the year ago
qtr
    ** More than 127,000 shares traded as of 1:40 p.m. IST, 4.9x
times 30-day moving avg, busiest day since July 1
    ** RAMD last up 7.3%, adding to YTD gains of ~9.2% so far


($1 = 83.6927 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))