Ratnamani Metals and Tubes has surged 17% to Rs 120 on reporting almost two-fold jump in net profit at Rs 44.47 crore for the second quarter ended September 2012 mainly due to lower raw material and interest cost. The construction and engineering company had net profit of Rs 23.46 crore in year ago quarter.
Operating profit margins improved substantially to 26.44% from 16.64% during the recently concluded quarter.
Net sales however, declined 2% to Rs 302 crore in September quarter against Rs 308 crore in the corresponding quarter of previous fiscal. The company’s raw material cost has fallen 25% to Rs 161 crore on year-on-year basis.
The stock opened at Rs 115 and hit 52-week high of Rs 123 on the BSE. A combined 108,472 shares have changed hands on the counter so far on both the exchanges.
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