Rathi Steel moves up on getting license to use BIS standards mark on SS 550 reinforcement bars
Rathi Steel & Power is currently trading at Rs. 38.00, up by 0.20 points or 0.53% from its previous closing of Rs. 37.80 on the BSE.
The scrip opened at Rs. 38.60 and has touched a high and low of Rs. 38.84 and Rs. 37.80 respectively. So far 52487 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 97.81 on 30-Jul-2024 and a 52 week low of Rs. 36.91 on 15-Jan-2025.
Last one week high and low of the scrip stood at Rs. 41.99 and Rs. 37.50 respectively. The current market cap of the company is Rs. 323.24 crore.
The promoters holding in the company stood at 40.32%, while Institutions and Non-Institutions held 11.46% and 48.22% respectively.
Rathi Steel & Power has been granted license by Bureau of Indian Standards (BIS) to use the BIS standards mark on SS 550 Reinforcement Bars under the title of ‘High Strength Deformed Stainless Steel Bars and Wires for Concrete Reinforcement’ in relation to 32 mm diameter.
This license, valid till February 2026, marks a significant milestone for the company as it will approve the facilities for making and testing SS 550 reinforcement bars of 32 mm diameter under the aforementioned title, as well as help optimally utilize existing capacity by manufacturing additional product lines.
The BIS license, ensuring compliance with national quality standards, will enable the company to increase its market reach and brand recall across the nation for high-strength stainless steel reinforcement bars. This is expected to provide an impetus to sales as the company continues to expand its product portfolio to meet the increasing demand in the infrastructure and construction sectors.
Rathi Steel & Power is engaged in manufacturing of Rebars and Wire Rods which are broadly categorized as the Long Products in the Steel Industry.
