Rama Steel Tubes gained 2.04% to Rs 135.05 at 9:30 IST on BSE after the company announced that it has installed solar project at Khopoli facility, Maharashtra.
The announcement was made after market hours yesterday, 19 June 2017.Meanwhile, the S&P BSE Sensex was up 48.95 points or 0.16% at 31,360.52. The S&P BSE Small-Cap index was up 44.16 points or 0.28% to 15,698.13.
On the BSE, 8,349 shares were traded on the counter so far as against the average daily volumes of 36,167 shares in the past one quarter. The stock had hit a high of Rs 135.40 and a low of Rs 133.95 so far during the day. The stock had hit a record high of Rs 162.85 on 10 May 2017 and a 52-week low of Rs 88.10 on 24 June 2016.
Rama Steel Tubes said that the solar project will be generating 1100 MWh/Year of energy, same amount of energy needed to power the installed and upcoming capacities.
The solar project has a capacity of 750 KWp and will generate the same amount of energy needed to power the current as well as the planned upcoming capacity. An array of 2400 solar panels carpets the land, converting sunlight into electrical currents. lt will save money and energy while also protecting the environment. The estimated amount of reduction in the carbon footprint will be 1120 metric tonnes (MT) per annum by reducing the emission of carbon dioxide into the atmosphere.
Rama Steel Tubes has unveiled one of the lndia's largest solar energy projects of its kind in the electric resistance welding (ERW) pipes segment. The company has executed the entire project in less than 3 months' time at a cost of Rs 3.75 crore. Working with Visa Powertech P Ltd, the sustainable energy developer, Rama Steel Tubes has mounted 2,400 solar panels on the factory land at its Khopoli facility, Maharashtra - an area equivalent to 3.75 acres.
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Currently this facility has an overall manufacturing capacity of 72,000 MT per annum, however the company has plans to bring in additional 60,000 MT capacity at the same location. This facility is going to boost the performance of the company. ln line with its vision of profitable growth, the company has been successful in further strengthening its presence in highly profitable geographies. The company's products have been well accepted and appreciated in all the markets that it caters to.
Rama Steel Tubes deals in manufacturing, supplying and exporting of steel pipes, steel tubes and fittings.
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