ICICI Direct's research report on Ratnamani Metals and Tubes
Ratnamani Metals & Tubes (RMTL) is a niche player with superior capabilities in the domestic industrial pipes and tube segment. RMTL manufactures a wide range of stainless steel and carbon steel pipes & tubes, which find application in key end user industries like oil & gas refineries, power, healthcare, etc. Ratnamani Metals and Tubes (RMTL) has an impressive capital allocation strategy and best in class operating margins and return ratios • RMTL has healthy cash flow and strong balance-sheet. It is one of the few players in the steel pipe sector having net cash position on its balance-sheet.
Accordingly, our target price has also been revised to Rs 1967/share post this corporate action. We have valued Ratnamani Metals and Tubes at 25x FY24E EPS of Rs 78.7. We maintain our BUY rating on the stock.
At 11:09 hrs Ratnamani Metals and Tubes was quoting at Rs 1,795.00, up Rs 130.85, or 7.86 percent.
It has touched an intraday high of Rs 1,920.00 and an intraday low of Rs 1,780.00.
It was trading with volumes of 9,837 shares, compared to its thirty day average of 1,979 shares, an increase of 397.15 percent.
In the previous trading session, the share closed up 0.44 percent or Rs 7.23 at Rs 1,663.33.
The share touched its 52-week high Rs 1,904.67 and 52-week low Rs 1,236.67 on 03 June, 2022 and 16 December, 2021, respectively.
Currently, it is trading 5.76 percent below its 52-week high and 45.15 percent above its 52-week low.
Market capitalisation stands at Rs 12,581.51 crore.
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