India's Rane (Madras) slumps on Q4 loss

Rane (Madras)

09/05/2024 09:18

** Shares of steering and suspension products maker Rane
(Madras)  RAMD.NS  fall as much as 8.1% 
    ** Stock last down 7.4%, heads for worst day since
late-January
    ** Co reports Q4 loss of 93.7 mln rupees ($1.1 mln) vs
profit of 95.4 mln rupees yr ago; rev from ops fell 16.6%
    ** Sale to domestic original equipment customers dropped 9%
in Q4 mainly due to fall in volume in M&HCV and farm tractor
segment, co says
    ** Adds, export sales declined 10% during Q4
    ** Stock on track for a fourth consecutive session of loss,
if trend holds
    ** Trading vol 2.2x 30-day daily avg
    ** Stock fell 16% in March-quarter, its biggest quarterly
decline since March 2020


($1 = 83.4863 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))