Readymade Steel India rose 2.29% to Rs 294.50 at 13:42 IST on BSE after the company said its Singapore-based subsidiary has bagged a piling contract worth Rs 150 crore, which includes a large contract for mass rapid transport station in Singapore.
The company made the announcement after market hours on Tuesday, 20 May 2014.
Meanwhile, the BSE Sensex was down 133.66 points, or 0.55%, to 24,243.22.
On BSE, so far 4,826 shares were traded in the counter, compared with an average volume of 12,797 shares in the past one quarter.
The stock hit a high of Rs 299 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 292.10 so far during the day. The stock hit a 52-week low of Rs 65 on 5 June 2013.
The stock had underperformed the market over the past one month till 20 May 2014, rising 6.08% compared with 7.72% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 60.61% as against Sensex's 18.70% rise.
The small-cap company has an equity capital of Rs 12.32 crore. Face value per share is Rs 10.
Readyrnade Steel India announced that Singapore's KH Foges (subsidiary of RMS India) has bagged piling contracts worth 31 million Singapore dollars (Rs 150 crore), which includes a large contract for mass rapid transport station in Singapore.
All the above orders are scheduled to be executed within six to eight months. The current order book stands at 70 million Singapore dollars.
Commenting on the order Mr. Anil Agrawal, Managing Director said, "We are delighted to bag the current order which includes one of the highest contract values for KH Foges". He added that, "These contracts reflect the aggressive growth mode and underlying cutting edge piling capabilities of KH Foges. The capabilities have been boosted further by the recent acquisitions of PSL Engineering and Rotary Piling, which has given the company the strength to bag such orders and deliver it well within the time frame."
On a consolidated basis, Readymade Steel India's net profit rose 42.8% to Rs 8.38 crore on 71% increase in net sales to Rs 172.57 crore in Q3 December 2013 over Q3 December 2012.
Readymade Steel India is one of the pioneers in introducing the concept of ready to use steel for the construction industry in the country. RMS's product offerings include ready to use steel, primarily re-bars to be used in construction activities in various sectors like roads, power plants, ports, airports, housing, bridges, metros, monorails etc. RMS has been associated with structures such as Mumbai Monorail, Sahar Elevated Access Road, Nashik Elevated Corridor, Phoenix Mills Market City Mumbai (Kurla) and Palais Royale, Mumbai.
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