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Rhetan TMT surges on executing MoU with Government of Gujarat
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Rhetan TMT is currently trading at Rs. 10.12, up by 0.28 points or 2.85% from its previous closing of Rs. 9.84 on the BSE.
The scrip opened at Rs. 9.89 and has touched a high and low of Rs. 10.15 and Rs. 9.89 respectively. So far 112500 shares were traded on the counter.
The BSE group 'M' stock of face value Rs. 1 has touched a 52 week high of Rs. 15.75 on 11-Apr-2023 and a 52 week low of Rs. 7.30 on 21-Aug-2023.
Last one week high and low of the scrip stood at Rs. 10.15 and Rs. 9.51 respectively. The current market cap of the company is Rs. 799.27 crore.
The promoters holding in the company stood at 62.12%, while Institutions and Non-Institutions held 0.54% and 37.34% respectively.
Rhetan TMT has executed a Memorandum of Understanding (MoU) in Gandhinagar, as a part of the Investment Promotion Activity for the Vibrant Gujarat Global Summit 2024. This significant agreement has been executed between the Company and the Commissioner of Municipalities Administration, Government of Gujarat, with a shared vision for the establishment of a solar power plant involving a proposed investment of Rs 40 crore.
The primary objective of this initiative is the establishment of a solar power plant for captive consumption, specifically tailored to meet the energy demands of the company’s factory located in Kadi, Gujarat. By harnessing solar energy on-site, the company aims to substantially reduce its reliance on conventional electricity sources, contributing to the overarching goal of promoting sustainability through the utilization of renewable energy.
The anticipated commencement year for this groundbreaking project is set for the year 2025. Under this agreement, the Government of Gujarat will support the company in obtaining the necessary permissions, registrations, approvals, clearances, etc., from the relevant state departments. This facilitation will adhere to the existing policies, rules, and regulations of the State Government for the aforementioned project(s) in Gujarat, ensuring a time-bound process.
Rhetan TMT manufactures TMT Bars and Round Bars which are primarily used in the construction industry and its products have been used in the construction of dams, bridges, residential and commercial towers, and major infrastructure projects in Gujarat.
