Ratnamani Metals & Tubes bags order worth Rs 105 crore; stock gains nearly 4 per cent

Ratnamani Metals & Tubes has received a domestic order of Rs 105 crore for coated carbon steel pipes from the oil & gas sector, to be executed between May 2021 and September 2021.

Reacting to this, the stock of Ratnamani Metals & Tubes today jumped more than 4 per cent, making an intraday high of Rs 1,648.15 per share.

Recently, the company had also received a domestic order worth Rs 140 crore in the carbon steel division for the supply of CS pipes for the oil & gas sector, to be executed between January 2021 and May 2021.

Meanwhile, the company reported a net profit of Rs 56.71 crore in Q2FY21. It had reported a profit of Rs 631.85 crore in Q2FY20. The company reported a total income of Rs 590.86 crore for Q2FY21, a decrease of 6.49 per cent as against the total income of Rs 631.85 crore for Q2FY20.

According to BSE data, the stock traded at a P/E multiple of 26.94 and a price-to-book ratio of 4.08.

Ratnamani Metals & Tubes is engaged in the manufacturing of tubes, pipes & hollow profiles as well as tube or pipe fittings of cast-iron/cast-steel. The company's segments include steel tubes & pipes and windmills.

Share price of the company closed at Rs 1570 down by 0.86 per cent on BSE.