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November 29, 2024,3:04:29 AM

Ratnamani Metals is up 9% on orders worth Rs 298 crore from the oil and gas sector

By Admin
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Ratnamani Metals & Tubes' stock rose 9% to Rs 2,203 in intra-day trading on the BSE on Tuesday after the firm announced it has won fresh domestic orders worth Rs 297.87 crore from the oil and gas sector. Between February 2022 and January 2023, the orders will be carried out. Aftermarket hours on Monday, the company issued announcements.
On October 21, 2021, the stock of the iron and steel products maker reached an all-time high of Rs 2,300.

Today's rise aided the stock's recovery from yesterday's battering when it closed at Rs 2,026 down 5%. The company informed the exchanges on Monday that the Income Tax Department conducted search operations at the company's registered office, corporate office, branch offices, and plants between November 23, 2021, and November 27, 2021, according to a separate exchange filing.

As per reports, the Company recently stated that there will be no major impact on its present or future business activities. Furthermore, as previously indicated, the Company continues to adhere to the highest standards of corporate governance. 

This letter is being sent to the stockholders in order to put to rest any speculative or unsubstantiated information that has been circulating without the Company's approval, Ratnamani Metals confirmed in a statement.

Ratnamani Metals & Tubes stated in October that it has won a new order for stainless steel and carbon steel pipes for Rs 242 crore (without GST) from the oil and gas sector. According to the corporation, these orders would be fulfilled in 12 months.

Because the fight against the epidemic is still ongoing, Ratnamani Metals expects the year 2021-2022 to be hard. "However, the management anticipates economic activity to normalise in many areas that are crucial for the company's operations, especially with the roll-out of vaccination programs around the world," it added in its annual report for the fiscal year 2020-21 (FY21).


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