Ratnamani Metals climbs after winning orders

Ratnamani Metals & Tubes rose 6.08% to Rs 2149.60 after the company said it has received new domestic orders aggregating to Rs 297.87 crore from the oil & gas sector, to be executed between February 2022 to January 2023.

Shares of Ratnamani Metals & Tubes tumbled 7.56% in the past three sessions. It fell 4.89% in the previous session after the company informed that the Income Tax Department carried search operations at the RO, CO, branch offices and plants of company during 23 November 2021 to 27 November 2021.

During the search operations, the company extended its full co-operation and provided all the information/documents, sought for. The company said it does not see any material impact on its current or future business operations.

On a consolidated basis, the company posted a 26.1% rise in net profit to Rs 71.52 on a 23.4% surge in net sales to Rs 711.70 crore in Q2 FY22 over Q2 FY21.

Ratnamani Metals & Tubes is engaged in providing total piping solutions to a diverse range of industries.

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