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12-Aug2016

Rane Engine Valve trades jubilantly on selling 6.815 acres land in Chennai

Rane Engine Valve is currently trading at Rs. 500.00, up by 41.10 points or 8.96% from its previous closing of Rs. 458.90 on the BSE.

The scrip opened at Rs. 456.50 and has touched a high and low of Rs. 550.65 and Rs. 456.50 respectively. So far 20164 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 550.65 on 12-Aug-2016 and a 52 week low of Rs. 442.00 on 11-Feb-2016.

Last one week high and low of the scrip stood at Rs. 473.10 and Rs. 450.00 respectively. The current market cap of the company is Rs. 341.32 crore.

The promoters holding in the company stood at 51.15%, while institutions and non-institutions held 1.76% and 47.08% respectively.

Rane Engine Valve has sold the land admeasuring approximately 6.815 acres in Chennai by way of a deed of absolute sale dated August 11, 2016. The total consideration received for this sale of land is at market value of Rs 94.82 crore.

This step has been taken towards the planned consolidation and rationalization of plant facilities across the company. Post shifting of the Alandur, Chennai plant operations to the other plants the balance portion of land owned by the company in Chennai, Alandur has been sold.

Rane Engine Valve has been incorporated to manufacture valves and valve train components for various engine applications. It has latest manufacturing practices to keep abreast of technological advancements caters to every section of the auto industry through four manufacturing plants.


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