Rane (Madras) was locked at 20% upper circuit at Rs 863.45 at 14:20 IST on BSE after net profit surged 317.5% to Rs 14.20 crore on 31.7% rise in total net revenue to Rs 318.60 crore in Q3 December 2017 over Q3 December 2016.
The result was announced during market hours today, 23 January 2018.Meanwhile, the S&P BSE Sensex was up 267.05 points, or 0.75% to 36,065.06. The S&P BSE Small-Cap index was up 25.87 points, or 0.13% to 19,633.88, underperforming the Sensex.
High volumes were witnessed on the counter. On the BSE, 36,556 shares were traded in the counter so far, compared with average daily volumes of 6,233 shares in the past one quarter. The stock was locked at a high of Rs 863.45 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 718.45 so far during the day. The stock had hit a 52-week low of Rs 399 on 1 February 2017.
The small-cap company has equity capital of Rs 11.61 crore. Face value per share is Rs 10.
Rane (Madras)'s earnings before interest, tax, depreciation and amortization (EBITDA) margin rose to 12.1% in Q3 December 2017 from 8.7% in Q3 December 2016.
The board of directors of the company declared an interim dividend of Rs 4.50 per share for the financial year ending 31 March 2018 (FY 2018).
L. Ganesh, Chairman, Rane Group said that the company posted good set of numbers led by pickup in demand from Indian original equipment customers and improved operational performance. Though the die casting division experienced lower pull from international customers, it continued to improve on operational performance. Higher volume provided operational leverage to improve the operating margin.
Rane (Madras) is a manufacturer of steering and suspension products and die casting components.
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