Ratnamani Metals is on a roll today morning; opening almost 11.5% higher at Rs.2497, it rose further to an intraday high at Rs.2501.15 on the back of an over 12x surge in volumes. The stock is currently the top gainer on the BSE.
The market has given its Q4FY23 earnings a thumbs up. ON a 53% (YoY) jump in revenue, its net profit for the quarter came in at Rs.194 crore, up 71%.
The Board has also given its nod to raise Rs.500 crore through NCDs, to be issued in one or more tranches on a private placement basis.
Most analysts and brokerage houses have put out reports stating that the sector is poised for a good run, what with China showing signs of recovery, which in turn will limit the downside. The domestic economy is also doing well and the lower valuations, underperformance of the metal companies last year will benefit the sector.