2916.54% Up In 3 Years: Small Cap Metal Stock Inks Strategic Tie Up With JSW Steel, Jumps 2.50%

The shares of Rama Steel Tubes Ltd. (RSTL) rose 2.50% today after the company inked a tie-up with JSW Steel Ltd. The shares of RSTL traded at an intraday high of Rs 42.24 per share and an intraday low of Rs 38 per share of BSE.

According to media release, RSTL enters into a strategic and notable tie-up with India's largest steel manufacturer, JSW Steel Limited, for the following purposes :
1. Procurement of Hot Rolled Coils (HRC) used in manufacturing of RSTL's steel tubes and pipes.
2. Distribution of HRCs produced by JSW Steel in the entire western region.
3. Manufacturing of value added product, the pre galvanized pipes, in agreement with JSW Steel Coated Products Ltd.

Rama Steel Tubes Ltd. said, "The MoU will facilitate RSTL to procure 1,00,000 tons 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 Limited 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."

Stock Movement

The Rama Steel Tubes stock closed 2.50% higher at Rs 40.12 per share on BSE. Today, it opened at Rs 36.61, while the previous close was 39.14 per share on BSE.

The stock of Rama Steel Tubes has gained 16.83% in the past 1 week, while in 1 month it gained 28.96%. It gained 150.75% in a year, 594.12% in 2 years, 2916.54% in 3 years and 828.70% in 5 years, respectively. The Market cap of the Rama Steel Tubes is Rs 1879.73 crore.

The stock hit the 52-week high of Rs 46.10 per share on January 10, 2023. While the 52 week low of Rs 15.50 per share on July 18, 2022.