Ratnamani Metals bags Rs 224 crore in carbon steel division

Gujarat-based stainless steel and carbon steel pipe manufacturer, Ratnamani Metals and Tubes, informed in the stock exchange filing that it bagged two major orders worth Rs 224 crore in carbon steel division, on Friday.

The media release to stock exchange stated that orders were categorised in domestic and export type of orders. The domestic order is of Rs 124 crore for supply of coated CS pipes for an Oil & Gas pipeline project, to be completed between April and September 2020, while export order is of approximately Rs 100 crore for supply of bare CS Pipes to be completed between May and June, 2020.

As of end of November 1, 2019, the order book position stood at Rs 1,831 crore. In terms of total mix of overall order book, stainless steel remained nearly Rs 575 crore, carbon steel stood at Rs 1,032 crore, and LSAW closer to Rs 200 crore.

For past one year, stock has given 9 per cent returns to trade close to its 52 week high. The stock has outperformed the BSE 500, which grew by just 7 per cent during the same period.

At 2.30 pm, stock traded with gains of 0.65 per cent at Rs 1,011.65 on the BSE.