Shares of Ratnamani Metals & Tubes surged 15 per cent to hit a record high of Rs 1,920 on the BSE in Thursday’s intra-day trade as the stock traded ex-date for 1:2 bonus issue. The stock of the iron & steel products company surpassed its previous high of Rs 1,905.62 (adjusted to bonus issue) touched on June 3, 2022.
The board of Ratnamani Metals, on May 18, 2022, had recommended a bonus issue in the ratio of 1:2 i.e. one new bonus equity share for every two existing shares held in the company on the record date — Friday, July 1, 2022.
The board has also recommended a dividend of Rs 14 per equity share (i.e. @ 700 per cent) (pre-bonus) to the members, which translates into dividend of Rs 9.33 per equity share (post-bonus), for the financial year ended on March 31, 2022. The company has fixed August 1, 2022 as record date for the purpose of ascertaining the entitlement of shareholders to the dividend.
In the past six months, Ratnamani Metals has outperformed the market by surging nearly 50 per cent, as compared to 8 per cent decline in the S&P BSE Sensex.
Ratnamani Metals is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes at Kutch, Indrad and Chhatral in the state of Gujarat. The Company caters to both domestic and international markets.
The company has received Rs 544 crore domestic and exports orders thus far in April-June quarter. On May 6, it had received new domestic orders aggregating to Rs 206 crore. Earlier on April 18, the company had received new domestic and export orders of Rs 308 crore and Rs 30 crore, respectively, aggregating to Rs 338 crore. These orders are to be executed within the financial year 2022-23.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
