Shares of Rama Steel Tubes surged 13 percent on September 4, following the announcement of a strategic collaboration with Onix Renewable. By 11:30 am, the stock was trading at Rs 11.79 on the BSE, up 11.6 percent from the previous session’s close. This price surge was accompanied by a significant trading volume, with over 10 crore shares exchanging hands, more than double the one-month daily average of four crore shares.
This collaboration involves customised steel structures from Rama Steel Tubes concerning single-axis and proposed dual-axis trackers. This shall be the epitome of solar projects by Onix Renewable.” It follows then that this latest development ushers in Rama Steel Tubes’ entry into the Green Energy sector. It will achieve this goal by capitalising on its accumulated expertise in the development of steel structures and tracker tubes required for Greenfield Solar Projects.
Despite this recent surge, the shares of Rama Steel Tubes have shed about nine percent in the last year against a 30 percent rise in the Nifty 50 index.
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Source: Moneycontrol
News Desk
