A 52-week high is reached by Ratnamani Metals thanks to strong Q2 results

 A 52-week high is reached by Ratnamani Metals thanks to strong Q2 results

Reduced prices for raw materials contributed to the company's strong quarterly performance.

In early trading on November 3, Ratnamani Metals and Tubes jumped by about 6 percent to reach a 52-week high of Rs 2,984.05, as investors applauded the company's strong performance in the September quarter of the current fiscal year.

At Rs 164.30 crore, the company's net profit increased 66.3 percent year over year. The robust top line, which increased 25.7% to Rs 1,131.2 crore, supported the excellent bottom line.

Ratnamani Metals was trading at Rs 2,933.35 on the NSE at 11:06 a.m., over 4% higher than the previous close.

Additionally, volumes were much greater since one lakh shares were exchanged compared to the 48,000 daily average for the previous month.

In keeping with the expansion in both the top and bottom lines, the company's EBITDA increased by about 65% year over year to Rs. 255.54 crore. The company's strong quarterly performance was partly attributed to a decrease in the cost of raw materials.

Ratnamani Metals' stock has soared over 49% year to far in 2023, and the company has been in high demand.