Ratnamani Metals jumps 7 per cent on bagging Rs 90 crore order
Ratnamani Metals & Tubes surges on the bourses by nearly 7 per cent after the company announced on Friday post-market hours that it has bagged a domestic order worth Rs 90 crore in the carbon steel division of the company for the supply of coated CS pipes for oil & gas sector. This order is expected to get completed by April 2021.
Earlier this month, the company had bagged two domestic orders, aggregating to Rs 190.00 crore, from the same division. This is to be completed between December 2020 and June 2021. The company's order book for FY20 was at Rs 1,160 crore. This recent order book win gives healthy revenue visibility for the next few quarters.
The stock of Ratnamani Metals opened gap up at Rs 1,173 as against its previous close of Rs 1,132.5 and later, surged to an intraday high of Rs 1215.95 apiece.
The manufacturing facilities of Ratnamani Metals & Tubes employ state-of-the-art technology to produce a wide range of stainless steel welded, seamless tubes & pipes and carbon steel welded pipes. The company is also involved in the business activities of steel tubes and pipes along with the sale of power from Windmill.