Ratnamani Metals shares extended their sharp rally on Tuesday, rising as much as 5.45% to hit an intraday high of Rs 2,843.90 on the NSE.
The stock has now gained around 21% across two trading sessions, following an 18% intraday jump on Monday after the company announced that its subsidiary, Ratnamani Finow Spooling Solutions Pvt Ltd, received export orders worth approximately Rs 2,700 crore.
The stock was already trading more than 6% higher in Monday’s session before the order announcement.
According to the company filing, international customers placed the orders, which will be executed over two to three years. A portion of the products will be manufactured at the subsidiary’s plant, while the rest will be fulfilled through subcontracting and mercantile trade transactions.
The company stated the order was received in the ordinary course of business, adding that the promoter group has no interest in the ordering entities and that the contracts do not constitute related-party transactions. It expects the win to strengthen the subsidiary’s export and revenue visibility over the next two to three years.
Shares of Ratnamani Metals & Tubes have gained 19.06% over the past week. The company’s market capitalisation stood at approximately Rs 19,331 crore, with 2.96 lakh shares traded.
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