India's Ratnamani Metals surges to record high on rise in Q4 earnings

Ratnamani Metals and Tubes

11/05/2023 06:03

** Shares of Ratnamani Metals and Tubes Ltd  RMT.NS  rise as
much as 12.87% to a new record high of 2,528 rupee
    ** Uptick after the stainless steel pipes and tubes maker
reports 71% Y/Y rise in consolidated net profit for March
quarter  urn:newsml:reuters.com:*:nFWN37718V
    ** Revenue from operations jump 54% to 14.99 bln rupees from
9.74 bln rupees in the corresponding quarter a year ago
    ** Co also approves a dividend of 12 rupees per share
    ** Stock is most active in trade in nearly a year with the
trading volume at 411,316 shares as of 10:22 a.m. IST, nearly 14
times the 30-day avg
    ** The relative strength index of the stock is at 79,
suggesting it may be overbought - Refinitiv data
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))