Ratnamani Metals shares jump 13% intraday on Q4 earnings

Shares of Ratnamani Metals & Tubes shot up nearly 13% in Thursday's trade to hit a fresh 52-week high of Rs 2,528 following strong Q4 FY23 earnings.

The Ahmedabad-based company reported an over 71% year-on-year (YoY) jump in the January-March quarter consolidated net profit at Rs 192 crore. The same stood at Rs 112 crore in Q4 FY22. The consolidated revenue for the said quarter stood at Rs 1,499 crore (up 54% YoY) versus Rs 974 crore in the same quarter of the previous financial year.

The company also announced Rs 12 dividend per share and reappointed Prakash M Sanghvi as the Managing Director of the company.

Following this development, the stock surged and was last trading at Rs 2,438.90 on the NSE, up Rs 199.15 or 8.89% from Wednesday's closing price.

The stock has outperformed Nifty50 and given returns of over 66% in a 12-month period versus 12.8% gains clocked by the 50-stock index.

The stock is relatively less volatile and has traded with a 1-year beta of 0.38.

Momentum indicators RSI and MFI are in the medium range at 64.8, indicating a further upside. A number below 30 indicates that the stock is trading in an oversold territory while a number above 70 suggests that the stock is trading in an oversold zone.

Today’s gains are despite a lackluster trade in benchmark indices S&P BSE Sensex and Nifty50. While the former was trading at 61,946.61, up by 6.41 points or +0.01%, the latter was at 18,308.80, down 6.30 0.03%.

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