Ratnamani Metals surges to 52-week high on robust Q2 earnings

An easing of raw material costs aided in the robust quarterly performance of the company

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Ratnamani Metals and Tubes surged nearly 6 percent to hit a 52-week high of Rs 2,984.05 in the early trade on November 3 as investors cheered the company’s robust performance in the September quarter of the current financial year.

The company’s net profit soared 66.3 percent on year to Rs 164.30 crore. The strong bottomline was aided by a healthy topline, which grew 25.7 percent to Rs 1,131.2 crore.

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At 11.06 am, Ratnamani Metals was trading nearly 4 percent higher from the previous close at Rs 2,933.35 on the NSE.

Volumes were also sharply higher, as one lakh shares had changed hands against the one-month daily traded average of 48,000.

Aligned with the topline and bottomline growth, the company’s EBITDA also jumped nearly 65 percent on year to Rs. 255.54 crore. An easing of raw material costs aided in the robust quarterly performance of the company.

Shares of Ratnamani Metals have been on a roll in 2023, surging over 49 percent year-to-date.

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