Rane Brake advances 12% as board approves buyback at Rs 825 via open market

The company's EBITDA margin improved by 743 basis points to 21.0 per cent for Q2FY21 as against 13.6 per cent in Q2FY20.

Shares of Rane Brake Linings moved higher by 12 per cent to Rs 715 on the BSE in the intra-day trade on Thursday after the company's board approved buyback of shares at Rs 825 per share via open market.

In the past three days, the stock of auto ancillary company has rallied 23 per cent after the company announced the share buyback plan. At 01:11 pm, it was trading 9 per cent higher at Rs 696, as compared to a 1.1 per cent decline in the S&P BSE Sensex.

“The board has approved buyback of the company's fully paid-up equity shares of