Weak sales pull down Rane (Madras) net 14%

Weak automobile and tractor markets have pulled down the third quarter net profits of auto component maker Rane (Madras) by 14 per cent to Rs 6.16 crore. Sales for the quarter dipped 9 per cent to Rs 156.68 crore, over the corresponding quarter last year. Domestic sales declined 11 per cent, while exports grew a modest 5 per cent. Rane (Madras) has declared an interim dividend of Rs 2 per equity share on the paid-up capital of 1.01 crore equity shares of Rs 10 each for the year ending March 31, 2013.