Rama Steel Tubes rose 8% to Rs 110.50 at 14:05 IST on BSE after the company said that its board will meet on 19 July 2016 to consider selling Noida-based property.
The announcement was made during trading hours today, 15 July 2016.Meanwhile, the BSE Sensex was down 59.43 points, or 0.21%, to 27882.68.
On BSE, so far 17.69 lakh shares were traded in the counter, compared with an average volume of 67,021 shares in the past one quarter. The stock hit a high of Rs 113.30so far during the day, which is also a record high for the counter. The stock hit a low of Rs 99.50 so far during the day. The stock hit a 52-week low of Rs 75 on 1 September 2015. The stock had underperformed the market over the past one month till 14 July 2016, 5.78% compared with 5.86% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, 14.28% as against Sensex's 9.03% rise.
The small-cap company has an equity capital of Rs 7.47 crore. Face value per share is Rs 5.
Rama Steel Tubes announced that its board will meet on 19 July 2016, to consider disposal of property situated at Unit No. E-12 (Land-II) Estate Home Jaypee Green, Greater Noida, Uttar Pradesh (UP) held by the company in its own name to Naresh Kumar Bansal, managing director of the company. The transaction will be struck at its book value. The transaction will help the company pay off the term loan taken on this property.
On a consolidated basis, Rama Steel Tubes reported net profit of Rs 2.30 crore in Q4 March 2016 as against net loss of Rs 1.22 crore in Q4 March 2015. Net sales rose 62.20% to Rs 81.70 crore in Q4 March 2016 over Q4 March 2015.
Rama Steel Tubes deals in manufacturing, supplying and exporting of steel pipes, steel tubes and fittings.
Powered by Capital Market - Live News
