Ratnamani Metals shares rally up to 21% in two sessions after securing Rs 2,700 crore order
Ratnamani Metals & Tubes shares gained around 21% in two trading sessions after its subsidiary, Ratnamani Finow Spooling Solutions, secured export orders worth approximately Rs 2,700 crore. The orders, placed by international customers, are expected to be executed over two to three years and could strengthen the subsidiary’s export and revenue visibility.
Ratnamani Metals shares experienced a significant surge, reaching heights of 5.45% on Tuesday and surpassing Rs 2,843.90 during an intraday period on the NSE. The company's stock has now climbed approximately 21% over the course of two trading days, following a 18% intraday increase on Monday. This rise came after Ratnamani Finow Spooling Solutions Pvt Ltd, a subsidiary of the company, secured export orders worth about Rs 2,700 crore. The announcement of this order caused the stock to be trading over 6% higher on Monday.
The orders, which will be fulfilled over a period of two to three years, were placed by international customers. The subsidiary's manufacturing plant will produce a portion of the products, while the remaining items will be procured through subcontracting and mercantile trade transactions. Ratnamani Metals & Tubes highlighted that the order was received through normal business operations and that the promoter group has no interest in the entities placing the orders. The contracts do not fall under related-party transactions.
The company expects this win to bolster the subsidiary's export and revenue visibility over the next two to three years. Ratnamani Metals & Tubes shares have seen a growth of 19.06% over the past week. The company's market capitalization is estimated at approximately Rs 19,331 crore, with 2.96 lakh shares traded.
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