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Rane Brake relists, sees 2009 sales at Rs2.25 billion

Rane Brake relists, sees 2009 sales at Rs2.25 billion
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First Published: Fri, Jun 20 2008. 12 30 PM IST
Updated: Fri, Jun 20 2008. 12 30 PM IST
Mumbai: Automobile and railway ancillary maker Rane Brake Lining Ltd, which relisted on Friday, expects fiscal 2009 net sales over Rs2.25 billion, its chairman L Lakshman told a news channel.
Its annual profit would be in the range of 7% to 8% of sales, Lakshman told the CNBC-TV18 channel.
The relisting follows the demerger of Rane Brake Lining’s manufacturing business into a new company, a company official said. The investment-related businesses of the old firm have been incorporated into Rane Holdings Ltd.
Trading was suspended in the old company in February, when the stock was trading between Rs170 and Rs180 a share, the official said.
The stock is currently at Rs99.40 in a weak Mumbai market. It had opened at Rs149.75, and subsequently reached a intraday high of Rs180, before losing its gains.
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First Published: Fri, Jun 20 2008. 12 30 PM IST
More Topics: Rane Brake | Relisting | BSE | Rane Holdings | Demerger |