Ratnamani Metals and Tubes is seeing pressure from oil and gas segment in its stainless steel order booking, says Prakash M Sanghvi CMD of the company. The company’s orderbook stands at Rs 1200 crore, of which Rs 850 crore is from carbon steel and rest from stainless, he says, adding, Ratnamani is seeing delays in order approvals.In an interview to CNBC-TV18, Sanghvi says he expects things to improve in refineries section in next eight to nine months. Furthermore, Sanghvi expects the company to gain stainless steel orders from Dangote Steel, Bharat Heavy Electrical Limited (BHEL) going forward.The company has already started working on the first phase of expansion in its Indrad Unit and will decide on phase II over the next six months, he adds.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
