India's Rane Madras rises after sale of land

Rane (Madras)

27/06/2025 09:58

** Shares of Rane (Madras) Ltd RAMD.NS rise as much as 9.7% to 948 rupees

** Co, which makes steering and suspension products, sells 3.48 acres of land in Velachery to Canopy Living LLP for 3.61 bln rupees ($42.2 mln)

** Sale value is nearly a sixth of co's market cap; says, land monetization to help reduce debt

** More than 217,000 shares traded as of 2:22 p.m. IST, 5.4x their 30-day moving avg

** RAMD last up 5.7%, adding to YTD gains of 0.4%

($1 = 85.4810 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)

 ((meenakshi.maidas@thomsonreuters.com;))