Readymade Steel rallies 4% on tech collaboration with Chinese firm

Readymade Steel India is trading higher by 4% at Rs 70.10, extending its previous day’s 11% surged, after the company said it has entered into a technical collaboration with CABR Technology Co., Ltd, (CABR), China.

“The collaboration is to facilitate manufacturing of mechanical splicing system & couplers in India and marketing of the same in India as well as specified territories abroad," the company said in a filing to the stock exchanges.

“This collaboration will enable the company to take a step closer to attaining its objective of becoming a complete infrastructure solution provider," said Anil Agarwal, managing director of Readymade Steel.

Around 23,000 shares have changed hands on the counter on opening deals on the Bombay Stock Exchange.