Ratnamani Metals inches up after winning orders

Ratnamani Metals & Tubes announced during market hours today that its Carbon Steel division received two major orders.

The division received domestic order of Rs 124 crore for supply of coated CS pipes for an oil & gas pipeline project to be completed between April to September 2020.

It also won an export order of $14.30 million (equivalent to approximately Rs 100 crore) for supply of bare CS pipes to be completed between May to June 2020.

Shares of Ratnamani Metals & Tubes were up 0.52% at Rs 1010.3. The stock continues to trade above its 50 days and 100 days simple moving average placed at 959.13 and 943.21 respectively. These levels will act as support zone in near term.

On consolidated basis, Ratnamani Metals & Tube announced a 10.3% rise in net profit to Rs 76.46 crore on a 16.4% decline in net sales to Rs 610.33 crore.

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

Powered by Capital Market - Live News