Rajratan Global hits new high
Rajratan Global Wire is seeing a lot of action today, opening 1% higher at Rs.739 and going up further to hit a new 52-week high at Rs.847.15. It has come off the highs and is now trading at Rs.798 levels.
The stock hit a high as it is on the byers radar currently. As a mid-cap stock, it is attracting attention amongst those looking out for good stocks.
The company is India’s largest bead wire maker, a component critical for tyres and enjoys an almost monopolistic position with OEMs. With ban on tyre imports and most of the tyre makers expanding capacities, the company is getting set for a robust demand.
The company ended FY22 with a 134% (YoY) jump in consolidated net profit at Rs.124 crore on a 63% rise in revenue from operations. It is expanding the capacity at its Thailand plant and is also setting up a new plant in Tamil Nadu. It aspires to increase its market share to 40%.