Ratnamani Metals shares hit record high on Q2 earnings, inch closer to Rs 3,000 mark

Shares of Ratnamani Metals & Tubes Ltd climbed to a record high today post Q2 earnings. The stock rose 5.63% to Rs 2983.10 in Friday’s trade. Market capitalisation of Ratnamani Metals stood at Rs 20,671 crore. Total 0.10 lakh shares changed hands amounting to a turnover of Rs 2.99 crore. Ratnamani Metals shares have gained 46.65 per cent since the beginning of this year and risen 48 per cent in one year. The iron and steel stock hit a 52-week low of Rs 1867.35 on November 28, 2023. Ratnamani Metals has a one-year beta of 0.3, indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Ratnamani Metals stock stands at 66.9, signaling the stock is trading neither in the oversold nor overbought zone. Ratnamani Metals 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.

On November 2, Ratnamani Metals reported a 66.37% rise in profit after tax at Rs 164.33 crore for the September quarter against a profit of Rs 98.77 crore a year ago. Revenue from operations rose 25.71% to Rs 1131.20 crore in Q2 against Rs 899.81 in September quarter of the previous fiscal.

Ratnamani Metals and Tubes is engaged in manufacturing stainless steel pipes and tubes, and carbon steel pipes. The company operates through steel tubes and pipes segment. The company operates its geographical segments in India and outside India. It offers a range of stainless steel welded/ seamless tubes and pipes and carbon steel welded pipes.

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