Brazil's Randon Gains Most in More Than a Month After Making Record Sale
Randon SA Implementos e Participacoes, a Brazilian maker of specialty vehicles and auto parts, rose the most in more than a month after making a record sale of a rail product.
Randon agreed to sell 1,150 Hopper railcars to MRC Solucoes em Logistica Ferroviaria Vnte-Al Ltda, according to a regulatory filing June 18 after markets closed. The sale will boost Randon’s share in that market to 30 percent from 18 percent, and may lead the company to revise its sales guidance upward, according to Banco Santander SA.
“With this announcement, we indeed see a recovery of Brazil’s railcar market,” analysts including Daniel Gewehr wrote in a note to clients. Santander reiterated its recommendation to buy the shares.
Randon jumped 5.2 percent, the most on an intraday basis since May 10, to 10.07 reais at 1:57 p.m. New York time in Sao Paulo trading.