Ratnamani Metals Shares At Record High After Q2 Profit Beats Estimates
The company's Q2 consolidated net profit rose 66% year-on-year to Rs 164.3 crore, beating Bloomberg's estimate of Rs 62.5 crore.
Shares of Ratnamani Metals & Tubes Ltd. hit an all-time high on Friday after its revenue and profit in the second quarter beat analysts' estimates.
The company's consolidated net profit rose 66% year-on-year to Rs 164.3 crore in the quarter ended September, according to an exchange filing on Thursday.
Ratnamani Metals Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 26% at Rs 1,131.2 crore. (Bloomberg estimate: Rs 618.2 crore).
Ebitda up 31% at Rs 244.8 crore.
Margin at 21.6% vs. 20.8%
Profit up 66% at Rs 164.3 crore. (Bloomberg estimate: Rs 62.5 crore).
Shares of Ratnamani rose as much as 5.61% to Rs 2,984.05 apiece during the day. The stock were trading 3% higher at Rs 2,910.45 apiece, compared to a 0.65% advance in the benchmark NSE Nifty 50 at 10.25 a.m.
It has risen 62.7% on a year-to-date basis. The total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 74, implying that the stock maybe overbought.
All eight analysts tracking Ratnamani maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.6%.
