Rama Steel Tubes Share Price Surges After Joint Venture Under 'PM-Kusum' Scheme
As per the exchange filing, the project, structured under Onix IPP, a Special Purpose Vehicle, is spread across multiple locations in Maharashtra.
Shares of Rama Steel Tubes Ltd. soared nearly 13% after the company entered into a joint venture as a partner in a 225-MW solar power project under the Government of India’s PM-KUSUM scheme, as per an exchange filing.
"The project, structured under Onix IPP, a Special Purpose Vehicle (SPV), is spread across multiple locations in Maharashtra. It has successfully signed Power Purchase Agreements with the Maharashtra State Electricity Distribution Company Limited at a fixed tariff of Rs 3.10 per unit for a 25-year term," the filing stated.
According to the press release, Rama Steel Tubes has a 10% equity stake in Onix IPP. The project is aligned with the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan initiative and is aimed at encouraging solar energy generation on barren and government-owned lands alongside supporting rural development, "by creating new energy infrastructure, empowering local economies, and reinforcing India's commitment to clean energy."
Rama Steel Tubes Share Price Today
Rama Steel Tubes share price rose as much as 12.88% to Rs 14.90 apiece, the highest level since October 2024. It pared gains to trade 7.12% higher at Rs 14.14 apiece, as of 10:40 a.m. This compares to a 0.60% advance in the NSE Nifty 50.
The stock has risen 17.77% on a year-to-date basis, and 21.63% in the last 12 months. Total traded volume so far in the day stood at 27 times its 30-day average. The relative strength index was at 74.43.
