Rama Steel Tubes shares rise 57% in three sessions, overbought on charts; here's why
The multibagger stock rose 18.70% to Rs 16.50 on BSE. Market cap of the firm rose to Rs 2,459 crore.
- Sep 6, 2024,
- Updated Sep 6, 2024 11:55 AM IST
Shares of Rama Steel Tubes have gained 57% in the last three sessions. The multibagger stock, which closed at Rs 10.52 on September 3 rose to a high of Rs 16.50 in the current trading session, gaining 57% since Tuesday. The metal stock has gained 423% in three years and risen 2033.77% in five years.
In the current session, the multibagger stock rose 18.70% to Rs 16.50 on BSE. High volumes or 3.91 crore shares of the firm changed hands amounting to a turnover of Rs 61.96 crore on BSE today. Market cap of the firm rose to Rs 2,459 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Rama Steel Tubes stands at 76, signaling it's trading in the overbought zone. Rama Steel Tubes shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The stock has been rising this week due to two key reasons.
On September 3, the iron and steel products maker said it formed a wholly owned subsidiary company of Rama Steel Tubes Limited in the name of 'Rama Defence Private Limited' on August 31, 2024 and the certificate of incorporation was received by the company on September 2, 2024 from the Ministry of Corporate Affairs.
The newly formed company will carry out business in the field of defence equipment, arms, ammunition, explosives and related military and security hardware etc, said Rama Steel. Reacting to the news, Rama Steel shares ended 10.17% higher at Rs 11.59 on September 4 on BSE.
The metal stock rallied on September 5 after the company said it has joined hands with Onix Renewable to supply steel structures and single-axis trackers for solar projects, with plans to expand to dual-axis trackers in the future. The company has developed specialised steel structures and tracker tubes, essential for solar projects.
"We are proud to announce our entry into the Green Energy segment and are determined to deliver products that ensure the highest standards of reliability, durability, and performance, which are critical to the long-term success of solar greenfield projects," the company said.
The company is a manufacturer of Hot Rolled Coil, Hollow Section , G.I Pipe, CR Pipe, Poles, M.s Poles, Steel Bla & Tubes Hollow Sections.
Shares of Rama Steel Tubes have gained 57% in the last three sessions. The multibagger stock, which closed at Rs 10.52 on September 3 rose to a high of Rs 16.50 in the current trading session, gaining 57% since Tuesday. The metal stock has gained 423% in three years and risen 2033.77% in five years.
In the current session, the multibagger stock rose 18.70% to Rs 16.50 on BSE. High volumes or 3.91 crore shares of the firm changed hands amounting to a turnover of Rs 61.96 crore on BSE today. Market cap of the firm rose to Rs 2,459 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Rama Steel Tubes stands at 76, signaling it's trading in the overbought zone. Rama Steel Tubes shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The stock has been rising this week due to two key reasons.
On September 3, the iron and steel products maker said it formed a wholly owned subsidiary company of Rama Steel Tubes Limited in the name of 'Rama Defence Private Limited' on August 31, 2024 and the certificate of incorporation was received by the company on September 2, 2024 from the Ministry of Corporate Affairs.
The newly formed company will carry out business in the field of defence equipment, arms, ammunition, explosives and related military and security hardware etc, said Rama Steel. Reacting to the news, Rama Steel shares ended 10.17% higher at Rs 11.59 on September 4 on BSE.
The metal stock rallied on September 5 after the company said it has joined hands with Onix Renewable to supply steel structures and single-axis trackers for solar projects, with plans to expand to dual-axis trackers in the future. The company has developed specialised steel structures and tracker tubes, essential for solar projects.
"We are proud to announce our entry into the Green Energy segment and are determined to deliver products that ensure the highest standards of reliability, durability, and performance, which are critical to the long-term success of solar greenfield projects," the company said.
The company is a manufacturer of Hot Rolled Coil, Hollow Section , G.I Pipe, CR Pipe, Poles, M.s Poles, Steel Bla & Tubes Hollow Sections.