Rama Steel Tubes rallies about 3% as Singapore investor buys stake
Nomura Singapore has bought 1 lakh equity shares.
Rama Steel Tubes Ltd, engaged in the manufacturing of steel tubes and pipes, has been trending on Dalal Street as it has rallied by about 3% from its previous close of Rs 372.30. The scrip opened at Rs 385.20 and made a day’s high of Rs 390.90(+5%), where it had hit the upper circuit. At 2:00 pm on 16 June, the stock was trading at Rs 384.15 on the BSE.
The upside was witnessed on the back of the Singaporean holding company - Nomura Singapore Ltd ODI buying one lakh equity shares of the company. The purchase was done through an open market transaction on June 15. The average price at which the shares were brought stood at Rs 371 per share.
Talking about its recent quarterly results, in Q4FY22, revenue grew by 81.01% YoY to Rs 251.9 crore from Rs 139.16 crore in Q4FY21. On a sequential basis, the top-line was up by 36.18%. PBIDT (Ex OI) was reported at Rs 16.9 crore, up by 121.58% as compared to the year-ago period and the corresponding margin was reported at 6.71%, expanding by 123 basis points YoY. PAT was reported at Rs 8.66 crore, up by 11.08% from Rs 7.8 crore in the same quarter of the previous fiscal year. The PAT margin stood at 3.44% in Q4FY22 contracting from 5.6% in Q4FY21.
Rama Steel Tubes Ltd is a leading player engaged in the manufacturing and trading of steel tubes & pipes and rigid PVC (Poly Vinyl Chloride) & G.I. (Galvanised Iron) pipes in India as well as in the world. With more than four decades of experience in the Indian steel tubes and pipes market, it has established its strong brand equity across the globe. The company’s niche product comprises ERW (electric resistance weld) black pipes and galvanised steel pipes.
The stock has a 52-week high of Rs 455.15 and a 52-week low of Rs 89.70.
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