Rane Holdings gains on hiking stake in SasMos

Rane Holdings rose 2.44% to Rs 604 at 09:25 IST on BSE after the company enhanced its equity shareholding in Bangalore-based manufacturer of interconnection system and wiring harness SasMos.

The announcement was made after market hours on Wednesday, 26 November 2014.

Meanwhile, the BSE Sensex was up 38.35 points, or 0.14%, to 28,424.54

On BSE, so far 185 shares were traded in the counter compared with average volume of 28,000 shares over the past two weeks.

The stock hit a high of Rs 604 and a low of Rs 598.90 so far during the day. The stock had hit a record high of Rs 643.95 on 14 October 2014 and a 52-week low of Rs 143 on 12 February 2014.

The company has an equity capital of Rs 14.28 crore. Face value per share is Rs 10.

Rane Holdings said the company has enhanced its equity shareholding to 45.24% in SasMos HET Technologies (SasMos), a Bangalore-based company, engaged in the manufacture of interconnection system and wiring harness for defence and aerospace industry. During September 2011, Rane Holdings had acquired 26% in the equity share capital of SasMos. The current further acquisition of 19.24% in SasMos is from Lumipol International B. V., a Netherland based company. Rane Holdings said the company believes this to be a significant step towards enhancing its presence in the defence and aerospace sector.

On a consolidated basis, Rane Holdings' net profit rose 34.4% to Rs 16.29 crore on 11.8% increase in net sales to Rs 514.13 crore in Q2 September 2014 over Q2 September 2013.

Rane Holdings is the holding company of the Chennai-based Rane Group, an acknowledged leader in the manufacture of auto components in the country,

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