Shares of Ratnamani Metals & Tubes Ltd surged over 10 percent on May 11 after the company reported better-than-expected earnings.
The firm reported a net profit of Rs 194 crore in March quarter, up 71 percent from Rs 113 crore a year ago. Revenue advanced 53 percent year on year to Rs 1,505.64 crore.
The board has approved raising Rs 500 crore through non-convertible bonds. The debentures are proposed to be issued in one or more tranches on a private placement basis, the company said.
In a recent announcement, the firm outlines its plan to expand the stainless steel pipe cold finish line. The company is investing approximately Rs 400 crore to enhanced its Helical SAW capacity. These strategic investments are expected to contribute to the company's growth beyond the next financial year, positioning it for long-term success, it said.
Ratnamani Metals specialises in stainless steel tubes and carbon steel pipes. Within the stainless steel segment, the company offers both seamless tubes and welded tubes.
In the carbon steel pipes business, Ratnamani Metals manufactures Electric Resistance Welded (ERW), HSAW (Helical Submerged Arc-Welding), and Longitudinal Submerged Arc-Welding Pipe (LSAW) pipes.
At 10.05 am, the stock was trading at Rs 2,460, up 9.83 percent, on the National Stock Exchange.
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