Rama Steel Tubes share surges over 16%, here’s why

Rama Steel Tubes share: The share of steel tube manufacturer, Rama Steel Tubes surged as much as 16.18 per cent on Thursday. September 5 amid the broader sideways movement in the market. The shares of the company reacted to a recent development in which the company has partnered with Onix Renewables to supply steel structures and single-axis trackers for solar projects. 

The company also plans to expand to dual-axis trackers in the coming times. Rama Steel has developed specialised steel structures and tracker tubes, required for solar projects.

“RSTL has expanded its expertise and developed specialised steel structures and tracker tubes which will serve as the backbone for Greenfield Solar Projects. We are proud to announce our entry into the Green Energy segment and are determined to deliver products that ensure the highest standards of reliability, durability, and performance, which are critical to the long-term success of solar greenfield projects," the company said.

Richi Bansal, CEO, Rama Steel Tubes, highlighted the company’s growing presence in the renewable energy sector. “We look forward to contributing to the enhanced structural integrity and performance of your projects. The positive impact on our EBITA and the establishment of RSTL’s position in the renewable energy sector further highlight the benefits of this collaboration,” said Bansal. 

As of 10:39, the shares of the company were trading 15.70 per cent or 1.82 points higher at BSE at Rs 13.41 apiece.