Ratnamani Metals & Tubes Rallies 5% On Bagging Export Order
Ratnamani Metals & Tubes shares rallied as much as 4.83 per cent to hit an intraday high of Rs 807.25 on Wednesday, a day after the company post-market hours informed the stock exchanges that it bagged an export order worth $23 million (approximately Rs 150 crore). Shares in Ratnamani Metals & Tubes - a multi-product company engaged in manufacturing of tubes, stainless steel and carbon steel pipes, and exotic materials for a wide spectrum of applications - saw high trading demand during Wednesday's session.
Ahmedabad, Gujarat-based Ratnamani Metals & Tubes in a notification to the Bombay Stock Exchange on Monday said, "The company has bagged new export order of $23.00 million (approx. Rs.150.00 Crores) for supply of carbon steel welded pipes coating to be completed in next 12 months."
Ratnamani Metals & Tubes, which has various manufacturing facilities across Gujarat, reported a net profit of Rs 44.76 crore in the quarter ended December 2016 reporting a growth of 28.62 per cent over the same quarter in 2015.
Ratnamani Metals & Tubes shares were in high demand on Wednesday with as many as 12,000 units changing hands on the Bombay Stock Exchange compared with an average of 1,050 in the past two weeks.
Ratnamani Metals & Tubes shares also saw a spike on the National Stock Exchange or NSE, where 48,059 shares changed hands.
On Wednesday, Ratnamani Metals & Tubes shares hit a high of Rs 807.85, just shy of its 52-week high of Rs 809.95 touched on December 29, 2016, and a low of Rs 775 on the National Stock Exchange.
At 1:22 pm, Ratnamani Metals & Tubes shares were trading 4.18 per cent higher at Rs 803.15 apiece on the NSE, outperforming the Nifty which was trading on a flat note.