Rane Brake Lining hits record high after stellar Q1 results

Rane Brake Lining was locked at 20% upper circuit at Rs 571.05 at 15:20 IST on BSE after net profit jumped 117.63% to Rs 10.49 crore on 17.2% growth in total income from operations to Rs 121.45 crore in Q1 June 2016 over Q1 June 2015.

The result was announced during market hours today, 21 July 2016.

Meanwhile, the S&P BSE Sensex was down 211.09 points or 0.76% at 27,704.80.

On BSE, so far 84,000 shares were traded in the counter as against average daily volume of 1,514 shares in the past one quarter. The stock's current price of Rs 571.05 is also its record high for the counter. The stock hit a low of Rs 462.60 so far during the day. The stock had hit a 52-week low of Rs 266.20 on 3 September 2015.

The small-cap company has equity capital of Rs 7.91 crore. Face value per share is Rs 10.

During the quarter, the company undertook various cost reduction initiatives resulting in favourable material cost and reduced operational cost. The company's better cash generation and internal accruals helped to repay long term loans and significantly reduce finance costs.

Rane Brake Lining manufactures friction material products such as brake linings, disc pads, clutch facings, clutch buttons, brake shoes and railway brake blocks.

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