Ratnamani Metals rose 7% by winning a pipe order worth Rs 591 crore

Shares of Ratnamani Metals & Tubes hit a record high of Rs 2,449, with a 7 per cent rise on the Bahrain Stock Exchange in trading on Tuesday after the company won an order worth Rs 591 crore. The stock surpassed its previous high of 2,329.15 rupees touched on March 2, 2022. By comparison, at 10:27 am, the S&P BSE Sensex was down 0.51 per cent to 56,999 points.

“The company has received a new domestic pipeline order worth Rs 591 crore from the oil and gas sector, to be executed between August 2022 and March 2023,” Ratnamani Metals said in a stock exchange briefing.

As of February 1, 2022, the company had orders worth Rs 1,900 crore on hand, of which approximately Rs 665 crore was for stainless steel and carbon steel balance.

“On the market side between carbon steel and stainless steel, we have already bid close to 2 thousand tons of carbon steel pipelines in the oil and gas and 2 thousand tons in the water sector. From this, we expect good orders per metric ton. The volume of steel is Stainless is under tender 27,500 tonnes including stainless steel tubes and seamless tubes, which is close to Rs 1,700 crore, of which we plan to book Rs 300-400 crore in the quarter,” management said on a quarterly earnings conference call. Third of fiscal year 22.

Ratnamani Metals is engaged in the manufacture of stainless steel tubes and tubes and carbon steel tubes in Kutch, Indrad and Chhatral in Gujarat. The company provides its services to the local and international markets.

The outlook looks promising, with opportunities across oil and gas, cross-country pipelines and city gas distribution projects announced by the government and many countries globally.

Besides, chemicals and pharmaceuticals also receive strong growth potential. “We anticipate some movement in the water transport sector through the ‘Har Ghar Nal Se Jal’ initiative. With that in mind, we see a huge opportunity for the industry, and believe we are well positioned to ‘ride the wave’,” Ratnamani Metals said in its FY21 annual report.

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