Ratnamani Metals shares up 16 pc after ex-bonus debut

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Ratnamani Metals shares up 16 pc after ex-bonus debut

Ratnamani Metals Tubes' shares went up over 16 per cent after the stock turned ex-bonus today. For every two shares held by the existing shareholders, the company will issue a bonus share. The bonus issue of shares was announced on May 18, 2022. Ratnamani Metals Tubes' stock increased 16.6 per cent to Rs 1,920 against the previous close of Rs 1664.15 on the BSE. The shares of Ratnamani Metals Tubes opened at Rs 1,799 with a gain of 9.25 per cent.

Ratnamani Metals stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Ratnamani Metals' stock has gained 39.52 per cent in a single year and has risen 47.37 per cent since the beginning of this year.

The firm's 7,686 shares changed hands, a turnover of Rs 1.43 crore on the BSE. The market cap of the company went to 12,738 crore.

The share has a buy call from ICICI Direct, with a target price of Rs 2,950 on May 20. The brokerage is positive on Ratnamani Metals and Tubes due to its steady EBITDA margin profile. It values Ratnamani Metals and Tubes at 25 x FY 24 EEPS and arrives at a target of Rs 2950, keeping its BUY rating on the stock.

Ratnamani Metals and Tubes is engaged in the production of stainless steel pipes and tubes, and carbon steel pipes. The company is located through the steel tubes and pipes segment. The company operates its geographical segments in India and outside India. It offers a range of stainless steel welded seamless tubes and pipes and carbon steel welded pipes.