Rama Steel Tubes surges over 50% in three sessions, what's triggering the upmove?

This partnership will focus on leveraging the expertise of Rama Steel Tubes to provide steel structures along with single-axis trackers to Onix Renewables.

Rama Steel Tubes extended its winning streak for the third consecutive session, surging over 55 percent over three session, after the firm announced a strategic collaboration with Onix Renewable.

At 12.15 pm, shares of Rama Steel Tubes were quoting Rs 16.37 on the BSE, higher by 18 percent compared to the previous session's closing price.

Over 36 crore shares exchanged hands in trade on the bourses, over 500 percent higher than the one-month daily traded average of seven crore shares.

Follow our blog to catch all the live updates

The trigger that kickstarted this record-breaking rally is Rama Steel Tubes' strategic collaboration with Onix Renewable.

"This partnership will focus on leveraging the expertise of Rama Steel Tubes to provide steel structures along with single-axis trackers, and will also focus on dual-axis trackers to be expanded in the future essential for solar projects undertaken by Onix Renewable," said the firm in a filing with the exchanges.

Rama Steel Tubes has expanded its expertise and developed specialised steel structures and tracker tubes which will serve as the backbone for Greenfield Solar Projects. This marks the firm's entry into the Green Energy segment.

The steel player also added that it is determined to deliver products that ensure the highest standards of reliability, durability, and performance, which are critical to the long-term success of solar greenfield projects.

Over the past year, shares of Rama Steel Tubes have gained around 24 percent, as against a 30 percent jump in the Nifty 50 index.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.