Rama Steel Tubes zooms on inking strategic MoU with JSW Steel

Rama Steel Tubes is currently trading at Rs. 41.20, up by 2.06 points or 5.26% from its previous closing of Rs. 39.14 on the BSE.

Rama Steel Tubes
Rama Steel Tubes

The scrip opened at Rs. 39.61 and has touched a high and low of Rs. 42.24 and Rs. 38.00 respectively. So far 17193822 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 1 has touched a 52 week high of Rs. 46.10 on 10-Jan-2023 and a 52 week low of Rs. 15.50 on 18-Jul-2022.

Last one week high and low of the scrip stood at Rs. 42.24 and Rs. 34.10 respectively. The current market cap of the company is Rs. 2055.81 crore.

The promoters holding in the company stood at 63.91%, while Institutions and Non-Institutions held 2.79% and 33.30% respectively.

Rama Steel Tubes (RSTL) has inked a strategic Memorandum of Understanding (MoU) with India’s largest steel manufacturer JSW Steel for Procurement of Hot Rolled Coils (HRC) used in manufacturing of RSTL’s steel tubes and pipes; distribution of HRCs produced by JSW Steel in the entire western region; manufacturing of value added product, the pre galvanized pipes, in agreement with JSW Steel Coated Products.

The MoU will facilitate RSTL to procure 1,00,000 ton of HRC from JSW Steel on Pan-India basis to support its manufacturing of various steel tubes and pipes. The MoU will enable RSTL to have greater control on its procurement, supply chain while yielding competitive raw material cost. The MoU also establishes RSTL as an official distributor of JSW Steel for distribution of HRC in the entire western region.

Further, RSTL has entered into an agreement with JSW Steel Coated Products to produce 200,000 Tons per Annum of high value, pre-galvanized pipes, under the style and brand name of ‘JSW Kalinga’ for western region.

Rama Steel Tubes is a leading player engaged in the manufacturing and trading of Steel Tubes & Pipes and Rigid PVC (Poly Vinyl Chloride) & G.I. (Galvanised Iron) Pipes in India as well as in the world.

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