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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.