Ratnamani Metals secures order worth Rs 81.79 crore; stock ends 2 per cent higher

The shares of Ratnamani Metals & Tubes Ltd (RMTL) were trading in the green on Wednesday after the company announced that it has secured an order for carbon steel pipes worth Rs 81.79 crore.   

The domestic order received by the company was from the oil & gas sector and is to be executed between September 2021 and March 2022, the company noted in its filing to BSE. 

RMTL’s order book as of January 1, 2021, stood at Rs 1,359 crore (from Rs 1,178 crore as of October 1, 2020). The stainless steel (SS) order book was at Rs 347 crore, while carbon steel (CS) orders were at Rs 1,012 crore. In terms of domestic & exports mix, domestic orders stood at Rs 1,230 crore while export orders were at Rs 129 crore. Looking forward, the company is likely to receive further orders from the healthcare as well as the oil & gas sector, which will aid margins for the SS segment.   

RMTL is engaged in the manufacturing of tubes, pipes & hollow profiles and tube or pipe fittings of cast-iron/cast-steel. It is also engaged in the business of power generation by windmills.  

On Wednesday, the stock of Ratnamani Metals & Tubes closed at Rs 1,957, up by 2.12 per cent or Rs 40.60 per share. The 52-week high and the 52-week low of the scrip were recorded at Rs 2,141 and Rs 890, respectively on BSE.