India's Rama Steel Tubes surges on MoU with JSW Steel

Rama Steel Tubes

18/07/2023 06:46

** Shares of Rama Steel Tubes Ltd  RAMA.NS  rise as much as
6.9% to 41.9 rupees, highest since June 6.
    ** Steel pipes maker inks MoU with steel maker JSW Steel
 JSTL.NS  to procure 100,000 tons of hot rolled coils (HRC);
signs deal with JSTL unit to produce 200,000 tons of pipes per
annum
    ** HRC is used to make steel tubes and pipes 
    ** RAMA now the official HRC distributor for JSTL in India's
western region
    ** Stock trading above 50-, 100-, and 200-day moving
averages, suggesting bullish bias
    ** Stock on track for fourth straight session of gains
    ** Trading volume at ~26.5 mln shares as of 10:55 a.m. IST,
6.8x the 30-day avg of ~3.9 mln shares 
    ** Stock last up ~25.5% this year


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))