Rama Steel Tubes Ltd (NSE: RAMASTEEL): The share of Rama Steel Tubes witnessed heavy selling on the last trading day and hit a lower circuit of 10 %. Today on Tuesday the share is trading at Rs 14.34.
Earlier, the company’s shares had witnessed a spectacular rally of 58 percent in the last 3 trading days.
With the decline, the company’s market cap came down to Rs 2,273 crore. The reason for the sudden surge in the shares of Rama Steel Tubes Ltd was its strategic collaboration with Onix Renewable. The stock has a 52-week high of Rs 17.6 and a 52-week low of Rs 9.90.
Rama Steel Joins Hands With Onix Renewable
“This partnership will focus on leveraging Rama Steel Tubes Ltd’s expertise to provide steel structures with single-axis trackers and dual-axis trackers required for future solar projects to be undertaken by Onyx Renewable,” Rama Steel Tubes Ltd said in a filing to exchanges.
Rama Steel Tubes Ltd has expanded its capabilities and created special tracker tubes and steel structures which will act as the backbone of Greenfield Solar projects.
This marks the company’s debut in the green energy market. The steel firm also stated that it will continue to provide high-quality products.
It is committed to ensuring the highest levels of quality, durability, and performance. All of these are crucial to the long-term viability of solar greenfields.
Quick Fact
| Company name | Rama Steel Tubes |
|---|---|
| Market cap | Rs 2,273 crore |
| Recent price drop | 10% |
| 52-week high | Rs 17.6 |
| 52-week low | Rs 9.90 |
| Past price increase | 58% in 3 days |
| Strategic partnership | Onix Renewable |
| Focus area | Solar projects |
| New product types | Single-axis and dual-axis trackers |
| Product quality goals | High quality, durability, performance |
| New market entry | Green energy |
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