Ratnamani Metals secures new order worth Rs. 255 crore

Gujarat-based pipes and tubes manufacturer, Ratnamani Metals & Tubes Limited informed in the exchange through a filing that the company has secured a new order for CS coated pipes.

The company which engaged in manufacturing of tubes and pipes, mainly of stainless steel, carbon steel, secured order worth Rs. 255.15 crore. The order is to be completed between September 2019 to March 2020. The company will supply coated CS pipes to the company in the oil and gas sector. It has maintained healthy order intake in the fourth quarter of FY19 in CS pipe segment. It received orders worth Rs. 200 crore and Rs. 298 crore in January and March 2019, representing a strong order book for the company.

The company in April had informed about the order in the same segment worth Rs. 78 crore from the oil and gas sector. In addition to this, company was awarded order worth Rs. 78 crore for supply of Stainless Steel tubes.

Ratnamani Metals & Tubes Limited manufactures a wide range of welded and seamless stainless steel tubes and pipes (SSTP) along with carbon steel pipes. It has a total installed capacity of 28,000 tpa for SSTP and 3,50,000 tpa of carbon steel.

The stock reacted positively to the news and touched intraday high of Rs. 876.30 to show strong recovery from day's low. At 1:00 pm, the stock traded at Rs. 875, higher by 0.69 per cent on BSE.