Ratnamani Metals and Tubes share price gained 7 percent intraday on November 30 on the back of orders worth around Rs 300 crore.
“Ratnamani Metals and Tubes has received new domestic orders aggregating to Rs 297.87 crore from the oil and gas sector to be executed between February 2022 and January 2023,” the company said in the press release.
Ratnamani shares suffered a drop after the income tax department carried out a search operation at its registered office, corporate office, branch offices and plants during November 23 to 27.
“During the search operations, as a responsible company, all the concerned employees/staff of the company extended their full co-operation to the income tax officials and provided all the information/documents, sought for,” the release said. “We do not foresee any material impact on the company’s current or future business operations.”
The company continues to conform to the highest standards of corporate governance, as demonstrated in the past, it said.
At 9:33am, Ratnamani Metals and Tubes was quoting at Rs 2,162.35, up Rs 136.05, or 6.71 percent, on the BSE. The share touched a 52-week high of Rs 2,300 and a 52-week low of Rs 1,455.00 on October 21, 2021, and January 29, 2021, respectively.
It was trading 5.98 percent below its 52-week high and 48.62 percent above its 52-week low at the time of filing this story.