Rane Brake Lining rises 15 per cent after board plans for shares buyback
During Tuesday’s trading session, the stock of Rane Brake Lining jumped more than 19 per cent and made an intraday high of Rs 693.65.
The stock is rising because Rane Brake Lining in an exchange filing said that its board meeting is to be convened on October 15, 2020, to consider a proposal for buyback of equity shares.
The stock of Rane Brake Lining has recovered by 140.81 per cent from its sharp decline in March 2020. According to BSE data, the stock traded at a P/E multiple of 22.86 and a price-to-book ratio of 2.01.
The company manufactures steering & suspension systems, light metal casting products, occupant safety systems, valve train components, and friction materials. The company caters to the industry segments like two-wheelers, three-wheelers, commercial vehicles, passenger vehicles, railways, and stationary engines.
At 11.23 am, the stock of the company was trading at Rs 659.85, up by 13.56 per cent or Rs 78.80 per share.