Multibagger Alert: Rajratan Global Wire hits all-time high, freezes at 5 per cent upper circuit; heres why!

India's leading manufacturer of high carbon steel wire, Rajratan Global Wire has recently informed the exchange that a meeting of the Board of Directors of the company will be held on Friday, January 28, 2022, to consider the sub-division of equity shares of the company. The company’s stock price has soared high like an eagle, rallying 40 per cent in the last one month and more than 75 per cent over the last 6 months.

On December 15, 2021, the company had announced that it had successfully executed a lease deed with State Industries Promotion Corporation of Tamil Nadu Limited for land (measuring 25 acres) which has been allotted to the company at SIPCOT Industrial Park, Vallam Vadagal (Phase-II), District Kancheepuram to set up of new manufacturing facilities of tyre bead wire. The company has also made the requisite payment for the land.

For Q2FY22, the company managed to deliver its highest-ever revenue, EBITDA and PAT ever, led by strong demand for bead wire in domestic and export markets. More and more customers are looking to increase their engagement with the company, which has encouraged them to set up dedicated teams to engage periodically with customers and ensure timely deliveries. They continue to focus on their vision to become the leading and most preferred bead wire manufacturer and supplies to tyre companies in India and across the globe. 

Rajratan Global Wire was established in 1989. It manufactures bead wire, high-carbon steel wire with specialization in TBW, which is bronze-coated and used in tyres and drawn steel wire (known as black wire), used in automobile, construction and engineering industries.

On Wednesday, January 12, 2022, the scrip of Rajratan Global Wire closed at Rs 2,862.45 per share, locked in a 5 per cent upper circuit.

Investors should keep an eye on this counter tomorrow for more action.