100% Return in 6 months: Multibagger metal stock under Rs 100 secures fresh order - Details
100 per cent return in 6 months rathi steel and power multibagger metal stock under rs 100 secures fresh order
Multibagger Stock: Rathi Steel and Power, a micro stock under Rs 100, on Friday closed in the red amid havy sell-off. The stock settled nearly 1.75 per cent lower at Rs 61.25 apiece.
The company has informed through an exchange filing that it has secured a fresh order for the supply of stainless steel products. It will supply products to Bansal wire group. The order is valued at Rs 10.75 crore, as per the company statement on BSE.
“Company has received an order to supply stainless steel products to Bansal wire group, who are leaders in downstream applications of our products, of an approximate order value of Rs 10.75 Cr (including GST and considering value of base grade product category),” Rathi Steel and Power said.
The order is expected to be executed in 30 to 45 days, the company said, adding that it has received the order in normal course of business and the said transaction is not falling under related party transaction and is done on arm’s length basis.
Rathi Steel and Power commands a market cap of Rs 521.01 crore. It is engaged in manufacturing of Rebars and Wire Rods that are broadly categorised as the long products in the steel industry.
Rathi Steel Share Price History
As per BSE analytics on May 3, Rathi Steel and Power shares have delivered a positive return 25 per cent in the last 3 months. The counter has zoomed 96 per cent on YTD basis. The BSE-listed metal stock has doubled investors money in a year, delivering a solid return of 100 per cent.
Last month, the company commenced implementing Cost Optimisation Project. It said that the project involves synchronising the steel casting and rolling process.
“Once implemented and stabilised, the project is expected to result in net savings of fuel and yield. It will also enhance sustainability by reducing Carbon Foot Print,” the company said in a statement, adding that it is targeting to commence trial runs of from the next month.
As per the shareholding pattern of Rathi Steel, promoters own 40.32 per cent stake, followed by non-institutional investors (47.33 per cent), FIIs (8.95 per cent), DIIs (2.59 per cent) and mutual funds (0.81 per cent).
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(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)