Rama Steel Tubes jumped 16.76% to Rs 16.23, extending gains for the third consecutive trading session.
Shares of the Rama Steel Tubes soared 54.28% in three trading sessions from its recent closing low of Rs 10.52 on 3 September 2024.
On the BSE, 454.43 lakh shares were traded in the counter so far compared with average daily volumes of 100.76 lakh shares in the past two weeks. The stock hit a high of Rs 16.5 and a low of Rs 14.47 so far during the day.
The stock hit a 52-week high of Rs 16.82 on 23 January 2024. The stock hit a 52-week low of Rs 9.91 on 04 June 2024.
The counter saw demand after the company announced a strategic collaboration with Onix Renewable on 4 September 2024. This partnership will focus on leveraging the expertise of the company to provide steel structures along with single-axis trackers, and will also focus on dual-axis trackers to be expanded in the future essential for solar projects undertaken by Onix Renewable, said the firm.
The company has expanded its expertise and developed specialised steel structures and tracker tubes which will serve as the backbone for Greenfield solar projects.
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The stock had outperformed the market over the past one month, surging 51.4% as against Sensex's 3.62% increase.
The scrip had also outperformed the market in past three months, advancing 39.19% as against 8.48% rise in Sensex.
Meanwhile, the counter had slightly outperformed the market in past one year, rising 23.8% as against Sensex's 23.62% surge.
On the technical front, the stock's daily RSI (relative strength index) stood at 83.609. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 11.00, 11.68 and 12.50, respectively. These levels will act as crucial support zones in near term.
Rama Steel Tubes is engaged in the business of manufacturing of Steel Pipes and related products.
The company reported 10% decline in consolidated net profit to Rs 6.36 crore in Q1 FY25 as against Rs 7.07 crore posted in Q1 FY24. Revenue from operations fell 30.7% year on year to Rs 216.64 crore during the quarter ended 30 June 2024.
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