The shares of Rama Steel Tubes Limited hit an upper circuit of 10 percent at Rs 38.15 levels in the early hours of Friday. They rallied on the record date for the bonus issue approved by the board of directors earlier.
The company approved a bonus issue of shares in the ratio of 4:1 which means that. 4 bonus equity shares will be issued for every 1 equity share. The record date fixed by the company was Friday, January 6th, 2023.
Rama Steel Tubes is primarily involved in the manufacturing and trade of steel tubes & pipes & galvanized iron pipes in India as well as in the world. The company focuses on business growth opportunities from government programs like housing for all, affordable housing, smart cities, the national highway development program, and the Swachh Bharat mission among others.
In a year the stock has delivered a multibagger return of 139 percent as the share price has risen from Rs 16.48 apiece in January 2022 up to the current levels. In the span of three years, the stock has delivered a whopping 1,962 percent return.
It registered its ever-highest sales volume of 53,21.6 tonnes in the December quarter. The sales volume for 9 months of FY23 stood came in at 1,31,824 tonnes compared with 71,071 tonnes last year.
Written by Anoushka Roy
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