Shares of Ratnamani Metals & Tubes hit a record high of Rs 2,449, rallying 7 per cent on the BSE in Tuesday’s intra-day trade after the company won an on order worth Rs 591 crore. The stock surpassed its previous high of Rs 2,329.15 on March 2, 2022. In comparison, at 10:27 am, the S&P BSE Sensex was down 0.51 per cent to 56,999 points.

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“The company has received a new domestic line pipe order for Rs 591 crore from the oil & gas sector, executed between August 2022 and March 2023,” Ratnamani Metals said in an exchange filing.
As of February 1, 2022, the company had orders worth Rs 1,900 crore in hand, of which roughly Rs 665 crore was for stainless steel and the balance for carbon steel.

“On the market side between carbon steel and stainless steel, we have already bid close to 2 lakh tons of carbon steel line pipes in oil and gas and 2 lakh tons in water segment. Of this, we are expecting good orders per metric ton. Stainless steel underbidding is 27,500 tons, including stainless-steel seamless SS tubes and pipes, which is close to Rs 1,700 crore, of which we plan to book around Rs 300 to Rs 400 crore in this quarter,” the management had said in the Q3FY22 earnings conference call.

Ratnamani Metals is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes at Kutch, Indrad and Chhatral in the state of Gujarat. The company caters to both domestic and international markets.