Ratnamani Metals hits 52-week high ahead of bonus issue record date

Ratnamani Metals and Tubes jumped 6.01% to Rs 1,764.20 as tomorrow, 1 July 2022 is the record date for the issue of one bonus share for every two equity shares held.

The company approved bonus issue on 18 May 2022. The board had also recommended a dividend of Rs 14 per equity share for the fiscal year ended 31 March 2022 on the same date.

Meanwhile, the counter hit 52-week high of Rs 1,920 in intraday today. The stock has surged 55.17% from its 52-week low of Rs 1,237.29 recorded on 16 December 2021.

In last one month, the stock has risen nearly 4.5%, outperforming the Nifty 50 index which fell 5.5% in the same period.

On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 1638.09, 1584.74 and 1482.47 respectively. These levels will act as crucial support zones in near term.

On the technical front, the stock's daily RSI (relative strength index) stood at 59.467. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Ratnamani Metals & Tubes provides critical tubing and piping solutions to diverse range of industries & niche markets.

On a consolidated basis, net profit of Ratnamani Metals & Tubes rose 2.01% to Rs 111.63 crore on 39.94% rise in net sales to Rs 974.06 crore in Q4 FY22 over Q4 FY21.

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