Latest news with #CanopyLivingLLP
Mint
9 hours ago
- Automotive
- Mint
Multibagger auto component stock Rane Madras jumps 9% after land sale move worth over ₹360 crore
Multibagger auto component stock Rane (Madras) jumped over 9 per cent in intraday trade on the BSE on Friday, June 27, after the company said it had entered an agreement to sell a land parcel in Chennai. The small-cap stock opened at ₹ 873.70 against its previous close of ₹ 863.80 and jumped 9.4 per cent to an intraday high of ₹ 945.25. Around 2:25 PM, Rane (Madras) share price traded almost 8 per cent up at ₹ 932. Equity benchmark Sensex was 0.22 per cent up at 83,941 at that time. During market hours on June 27, the company said in an exchange filing that it had entered into an agreement with Canopy Living LLP, which is a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited, to sell 3.48 acres of land in Velachery, Chennai, for a consideration of ₹ 361.18 crore. The company said this land monetisation will achieve twin objectives of reducing debt and integrating city offices of various divisions to further unlock the merger's long-term cost synergies. The total extent of land in Velachery is 4.50 acres. Rane (Madras) said it would retain the balance portion of the land, where a new office will be constructed. Rane (Madras) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. The company claims to be a preferred supplier to major OEMs (original equipment manufacturers) and the aftermarket in India and abroad. Rane (Madras) manufactures various automotive products, such as steering and suspension systems, brake components, engine components, and light metal casting components. According to the company's statement, it serves various industry segments, including passenger vehicles, commercial vehicles, farm tractors, two-wheelers, three-wheelers, railways, and stationary engines. Over the last five years, the small-cap stock has given a multibagger return of nearly 300 per cent. However, the stock's performance over the last year has been muted. It has gained just 4 per cent in the last one year, hitting a 52-week low of ₹ 577.95 on March 11 this year and a 52-week high of ₹ 1,525.75 on August 22 last year. On a monthly scale, however, the stock has been in the green since March this year. In June so far, the small-cap stock has gained about 3 per cent. Read all market-related news here
Mint
10 hours ago
- Business
- Mint
Multibagger auto component stock Rane Madras jumps 9% after land sale move worth over ₹360 crore
Multibagger auto component stock Rane (Madras) jumped over 9 per cent in intraday trade on the BSE on Friday, June 27, after the company said it had entered an agreement to sell a land parcel in Chennai. The small-cap stock opened at ₹ 873.70 against its previous close of ₹ 863.80 and jumped 9.4 per cent to an intraday high of ₹ 945.25. Around 2:25 PM, Rane (Madras) share price traded almost 8 per cent up at ₹ 932. Equity benchmark Sensex was 0.22 per cent up at 83,941 at that time. During market hours on June 27, the company said in an exchange filing that it had entered into an agreement with Canopy Living LLP, which is a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited) to sell 3.48 acres of land in Velachery, Chennai, for a consideration of ₹ 361.18 crore. The company said this land monetisation will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long term cost synergies of the merger. The total extent of land in Velachery is 4.50 acres. Rane (Madras) said it would retain the balance portion of the land, where a new office will be constructed. (This is a developing story. Please check back for fresh updates.)
&w=3840&q=100)
Business Standard
11 hours ago
- Automotive
- Business Standard
Rane Madras jumps 9% after co to sell land in Tamil Nadu for ₹361 cr
Rane (Madras) shares zoomed 9.1 per cent in trade on Friday, logging an intraday high at ₹943 per share on BSE. At 1:36 PM, Rane (Madras) share price was trading 8.6 per cent higher at ₹938.2 per share on the BSE. In comparison, the BSE Sensex was up 0.31 per cent at 84,018.25. The company's market capitalisation stood at ₹2,610.47 crore. Its 52-week high was at ₹1,525.75 per share and 52-week low was at ₹577.95 per share. Why were Rane (Madras) shares buzzing in trade? The stock climbed after the company announced the sale of 3.48 acres of land in Velachery for ₹361.18 crore. The company entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations and Housing and Prestige Estates Project) to sell 3.48 acres of land. The total extent of land in Velachery is 4.5 acres and Rane Madras will retain the balance portion of the land, where a new office will be constructed. "Rane (Madras) Limited ('RML') has entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited) to sell 3.48 acres of land in Velachery. Total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed," the filing read. The company believes that this land monetisation will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long-term cost synergies of the merger. About Rane (Madras) Rane (Madras) Limited is part of the Rane Group of companies, a leading auto component group based out of Chennai. The company is a preferred supplier to major original equipment manufacturers (OEMs) and aftermarkets in India and abroad. It manufactures various automotive products, viz. Steering and Suspension systems, Brake components, Engine components, and Light Metal Casting components. Its products serve a variety of industry segments including Passenger Vehicles, Commercial Vehicles, Farm Tractors, Two-wheelers, Three-wheelers, Railways and Stationery Engines.
Business Standard
17-06-2025
- Automotive
- Business Standard
Rane (Madras) jumps after board approves land sale in Velachery
Rane (Madras) surged 12.31% to Rs 1012.15 after the company's board approved the sale of a significant land parcel in Tamil Nadu. The board has given the approval to sell approximately 3.48 acres out of a total 4.5-acre plot located in Velachery, Chennai, to Canopy Living LLP -- a joint venture between real estate players Arihant Foundations & Housing and Prestige Estates Projects. This move comes after shareholder approval was secured in May 2025. The company has not disclosed the sale value or expected timelines for completion. Rane (Madras) is a preferred supplier to major OEMs and Aftermarket in India and abroad. It manufactures various automotive products, viz. steering and suspension systems, brake components, engine components, and light metal casting components. Its products serve a variety of industry segments including passenger vehicles, commercial vehicles, farm tractors, two-wheelers, three-wheelers, railways and stationery engines.
