On May 4, Rane Engine Valves shares soared 20% to hit their upper circuit at Rs 262.25 after the company posted solid earnings for Q4FY23.

There were pending buy orders for 21,432 shares, having no sellers. The stock traded with volumes of 5,607 shares against its five-day average of 635 shares, up 783%.

Rane Engines guides, and tappets reported a consolidated profit of Rs 4.9 crore in the March quarter of FY22-23 against a loss of Rs 0.01 crore in Q4FY22.

Aggregate revenue resulted at Rs 136.5 crore against Rs 109.5 crore in the year-ago period, up 24.7%.

The company’s operating margin was 12.2% in the March quarter from 9.1% in 2022.

Rane Engine’s chairman said India’s favourable demand and robust export demand supported the topline growth. REVL (Rane Engine Valves) executed many operational developments and cost-saving initiatives for a financial turnaround.

The company said that the best capacity realisation with productivity improvements and operational leverage benefits resulted in a 307 bps improvement in profitability.