Rama Steel Tubes shares up 15% in five days; what's pushing this multibagger stock higher?
Shares of Rama Steel have rallied about 15 per cent in the last five sessions as the stock rose to Rs 40.75 on Thursday, with a market capitalization of Rs 1,856 crore.
- Jun 1, 2023,
- Updated Jun 5, 2023 1:51 PM IST
Shares of Rama Steel Tubes extended its gains on Thursday as the stock metal has been rising higher recently, particularly after announcing its results for the period ended on March 31, 2023. The stock has delivered multibagger returns to the investors in the last one year. Rama Steel Tubes reported a 58 per cent rise on a year-on-year (YoY) basis in the consolidated net profit at 11.66 crore for the March 2023 quarter, compared to a net profit at Rs 7.4 crore in the year ago. The company had reported a net profit at 7.8 crore in the December 2022 quarter. Revenue from operations of Rama Steel Tubes surged about 59 per cent YoY to Rs 399.24 crore for the three months ended on March 31, 2023. The company's revenue stood at Rs 251.9 crore in the year ago period, while its revenue stood at Rs 350.25 crore in the three months ended on December 31, 2020.
Watch: Stocks buzzing at share market on June 5, 2023: HBL Power, Mazagon Dock, Nava, CarTrade, Tata Motors, others Shares of Rama Steel have rallied about 15 per cent in the last five sessions as the stock rose to Rs 40.75 on Thursday. The company is commanding a market capitalization of Rs 1,856 crore. In the last three weeks, the stock has gained over 30 per cent from its price at Rs 31.3 on May 11. Shares of Rama Steel have jumped a stunning 205 per cent from its 52-week low at Rs 13.32 on June 6, 2022. The stock has gained a whopping 4,000 per cent in the last three year from its price (adjusted) at Re 1 on June 1, 2022. It is up 20 per cent in the last six months. For the entire financial year 2022-23, Rama Steel Tubes net profit remained almost flat to Rs 27.44 crore, compared ato Rs 27.32 crore in the last year. However, its revenue from operations increased 75 per cent to Rs 1,336.75 crore during the period under review.
Watch: Multibagger stocks: HDFC Bank, Bharat Dynamics, ICICI Bank, Titan among Goldman Sachs' India multibagger stocks list Incorporated in 1974, New Delhi-based Rama Steel Tubes is engaged in the steel pipes and tubes industry, with an installed capacity of 2,64,000 metric tonnes per annum. The company has a global presence in countries like the USA, the UK, UAE, Sri Lanka, Ethiopia, Kenya, Uganda, Ghana, Kuwait, Republic of Congo, Yemen, Guyana, Germany and South Africa among others. In August 2022, the company had announced its stock split 1:5 ratio as each stock of the company with a face value of Rs 5 was divided into five shares of Re 1 each. The company also announced a bonus issue for the investors in 4:1 ratio, implying the evey investor received additional four shares of the company for each share held by them.
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Shares of Rama Steel Tubes extended its gains on Thursday as the stock metal has been rising higher recently, particularly after announcing its results for the period ended on March 31, 2023. The stock has delivered multibagger returns to the investors in the last one year. Rama Steel Tubes reported a 58 per cent rise on a year-on-year (YoY) basis in the consolidated net profit at 11.66 crore for the March 2023 quarter, compared to a net profit at Rs 7.4 crore in the year ago. The company had reported a net profit at 7.8 crore in the December 2022 quarter. Revenue from operations of Rama Steel Tubes surged about 59 per cent YoY to Rs 399.24 crore for the three months ended on March 31, 2023. The company's revenue stood at Rs 251.9 crore in the year ago period, while its revenue stood at Rs 350.25 crore in the three months ended on December 31, 2020.
Watch: Stocks buzzing at share market on June 5, 2023: HBL Power, Mazagon Dock, Nava, CarTrade, Tata Motors, others Shares of Rama Steel have rallied about 15 per cent in the last five sessions as the stock rose to Rs 40.75 on Thursday. The company is commanding a market capitalization of Rs 1,856 crore. In the last three weeks, the stock has gained over 30 per cent from its price at Rs 31.3 on May 11. Shares of Rama Steel have jumped a stunning 205 per cent from its 52-week low at Rs 13.32 on June 6, 2022. The stock has gained a whopping 4,000 per cent in the last three year from its price (adjusted) at Re 1 on June 1, 2022. It is up 20 per cent in the last six months. For the entire financial year 2022-23, Rama Steel Tubes net profit remained almost flat to Rs 27.44 crore, compared ato Rs 27.32 crore in the last year. However, its revenue from operations increased 75 per cent to Rs 1,336.75 crore during the period under review.
Watch: Multibagger stocks: HDFC Bank, Bharat Dynamics, ICICI Bank, Titan among Goldman Sachs' India multibagger stocks list Incorporated in 1974, New Delhi-based Rama Steel Tubes is engaged in the steel pipes and tubes industry, with an installed capacity of 2,64,000 metric tonnes per annum. The company has a global presence in countries like the USA, the UK, UAE, Sri Lanka, Ethiopia, Kenya, Uganda, Ghana, Kuwait, Republic of Congo, Yemen, Guyana, Germany and South Africa among others. In August 2022, the company had announced its stock split 1:5 ratio as each stock of the company with a face value of Rs 5 was divided into five shares of Re 1 each. The company also announced a bonus issue for the investors in 4:1 ratio, implying the evey investor received additional four shares of the company for each share held by them.
Also read: Coal India shares extend fall, dive 5% today as offer-for-sale kicks off