India's Ratnamani Metals slumps on slowing profit growth

Ratnamani Metals and Tubes

09/02/2024 09:43

** Shares of stainless steel maker Ratnamani Metals and
Tubes  RMT.NS  down 7.5% to 3,199 rupees, its steepest drop
since March 2020 
    ** Co reported 1.52% growth in Q3 profit, its smallest
quarterly growth since March 2022 
    ** Stock has been trading above its 200-day simple moving
avg since March 2023, volumes at 1.9 times the 30-day avg 
    ** RMT is top loser on the Nifty metal index  .NIFTYMET -
down 1.6% 
    ** Slump in metal stocks also triggered by fall in global
metal prices on demand concerns from top consumer China and a
strong U.S. dollar  MET/L  
    ** 14 cos of the 15-member index are trading in the red,
with Hindustan Copper  HCPR.NS  second top loser, as London
copper heads for biggest weekly loss since Sept. 
    ** RMT gained ~72% in 2023, biggest gain since 2014 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))