Rathi Steel zooms on planning to invest up to Rs 50 crore to set up forward integration project
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Rathi Steel & Power is currently trading at Rs. 65.24, up by 2.86 points or 4.58% from its previous closing of Rs. 62.38 on the BSE.
The scrip opened at Rs. 64.70 and has touched a high and low of Rs. 65.49 and Rs. 63.00 respectively. So far 149579 shares were traded on the counter.
The BSE group 'XT' 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. 20.35 on 04-Dec-2023.
Last one week high and low of the scrip stood at Rs. 65.49 and Rs. 57.50 respectively. The current market cap of the company is Rs. 554.95 crore.
The promoters holding in the company stood at 40.32%, while Institutions and Non-Institutions held 11.84% and 47.84% respectively.
Rathi Steel and Power has planned to invest up to Rs 50 crore to set up a forward integration project at its existing facility at Ghaziabad. This facility will convert wire rods to downstream products like bright bars / wires etc.
This project is a strategic initiative which will enhance capacity utilization by consuming part of its existing production in-house. Additionally, it will enable the company to expand its domain of supply to sectors such as automotive (including EVs and batteries), defence, solar, engineering and household either directly or through B to B customers who will be using these products. The project will be implemented in phases at the company's existing site in Ghaziabad, Uttar Pradesh, based on technical and commercial feasibility as well as market conditions.
Rathi Steel & Power is engaged in manufacturing of Rebars and Wire Rods which are broadly categorized as the Long Products in the Steel Industry.
