Stocks

Rane Group stocks soar after ZF picks up major stake in JV

BL Chennai Bureau | | Updated on: Dec 30, 2021

Rane Holdings up 6% on BSE

Shares of several Rane Group companies zoomed on Thursday, a day after global auto component major ZF picked up controlling stake in the group company - Rane TRW Steering Systems.

On Wednesday, Rane Holdings announced that its board has approved divestment of 87,383 equity shares representing one per cent of the total shareholding of Rane TRW Steering Systems Private Limited to ZF Automotive JV LLC, USA (ZF).

Rane TRW Steering Systems is a 50:50 joint venture between Rane Holdings and ZF.

Post this divestment, ZF will hold the remaining 51 per cent in the JV.

Shares of Rane Holdings on Thursday closed at ₹638 apiece on BSE — 6.32 per cent higher from its previous close. It touched an intra-day high of ₹678.30 per share.

ZF is a global technology company supplying systems for passenger cars, commercial vehicles and industrial technology.

Similarly, share price of Rane (Madras) jumped 11.80 per to close at ₹403.55 apiece on BSE after testing an intra-day high of ₹433.10.

While Rane Brake Lining closed 1.25 per cent higher at ₹824 per share, another group company Rane Engine Valve jumped 5.83 per cent to close at ₹290.60.

The stock touched an intra-day high of ₹317.45 on BSE.

Published on December 30, 2021
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