Notification
No new Notification messages
Zinka Logistics Solutions IPO is Open!
Apply for the Zinka Logistics Solutions IPO through UPI in just minutes.
Q2 FY'24-25 Results of Top Companies
Reliance, TCS, HDFC Bank & more: Explore key financial highlights from India's top quarterly results.
Open a Free Demat Account
Pay ZERO maintenance charges for the first year, get free stock picks daily, and more.
Trade Now, Pay Later with up to 4x
Never miss a good trading opportunity due to low funds with our MTF feature.
Track Market Movers Instantly
Stay updated with real-time data. Get insights at your fingertips.

Rama Steel Tubes Approves ₹500 Crore FPO, Stock Price Surges 6%

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Shares of Rama Steel Tubes surged 6% as the company's board approved raising funds through a further issue of equity shares worth up to ₹500 crore. The stock closed at ₹13.63 on April 23 with a market cap of ₹2,017 crore. It has witnessed a 36% gain in the past year and a 13% increase since the start of this year.

The board of directors of Rama Steel Tubes greenlighted the move to raise funds of up to ₹500 crore via a further public offer, propelling the stock to reach a high of ₹13.80 on the BSE. The market cap of the firm climbed to ₹2,017 crore, with the stock eventually closing 6.07% higher at ₹13.63.

Historical Performance and Technical Analysis

This decision comes amid the company's notable market performance, with a 36% gain in the past year and a 13% increase since the start of the current year. Rama Steel Tubes has demonstrated substantial growth over three and five years, rising by 1334.74% and 887.685% respectively.

Despite experiencing fluctuations, including hitting a 52-week low of ₹9.97 in April 2023, the stock rebounded to a 52-week high of ₹16.82 in January 2024. Additionally, with a beta of 0.7, the stock exhibits low volatility, as indicated by the Relative Strength Index (RSI) standing at 47.4, suggesting balanced trading conditions.

About Rama Steel Tubes

Rama Steel Tubes Limited is an India-based company that specialises in manufacturing and exporting electric resistance weld (ERW) steel tubes in both black and galvanised variants. The company also produces and trades other steel products, including telecommunication transmission towers, substation structures, structural steel products, and coils and sheets.

Additional Read:  Share Market News

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

8 Lacs + Users

icon-with-text

4.8+ App Rating

icon-with-text

4 Languages

icon-with-text

₹5000+ Cr MTF Book

icon-with-text