Shares of Rama Steel Tubes have delivered over 1,200% return in the last 2 years. The stock has almost tripled investors' wealth in the last one year period
Rama Steel Tubes is engaged in the steel pipes and tubes industry, with an installed capacity of 2,64,000 metric tonnes per annum. The company's clients include BSES Rajdhani Power, Gujarat Gas and UPCL among others
Shares of Rama Steel Tubes recovered over 200% from its 52-week low of Rs 13.32 and are hovering around their 52-week high of Rs 46
Rama Steel Tubes reported a 58% jump in its consolidated net profit at Rs 11.6 crore for the quarter ended March 2023 against a net profit of Rs 7 crore in the same quarter last year, its revenue from operations also jumped about 59% YoY to Rs 399 crore for the quarter ended march 2023
Technically, the rebound witnessed from the 200 SMA contributes to a positive development in the counter and it is currently hovering well above all its EMAs on a daily time frame
At present, the Rama Steel Tubes stock has a stiff resistance around the 42-44 zone, and an authoritative breach could only trigger the fresh leg of the rally. While on the downside, the immediate support is placed around the 36-38 zone, followed by the cluster of moving averages near 32 levels in the comparable period
Shares of Rama Steel Tubes ended 2.07% lower at Rs 41.13 on BSE on June 6, 2023. The market cap of the company fell to Rs 1,915.93 crore
RSTL has completed a capacity expansion of an additional 30,000 MT at the Khopoli Plant, Maharashtra. The expansion has been completed and commercial production has begun in Q4FY23
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