Rathi Steel and Power Limited has recently secured a significant order worth around Rs 10.75 crore to provide stainless steel products to Bansal Wire Group. This deal is anticipated to be completed within the next 30 to 45 days, with the customer expressing satisfaction with the enhanced product quality resulting from Rathi Steel’s mill modernization project. The transaction was conducted through regular business operations on an arm’s length basis, with no involvement of related parties.
Moreover, the company has commenced a cost optimization project aimed at enhancing efficiency and reducing their environmental impact. By synchronizing the steel casting and rolling process, Rathi Steel is expected to lower fuel consumption, enhance production yield, and minimize their carbon footprint. The implementation of this project is scheduled to begin in May 2024, with potential temporary disruptions to production and sales volume during the stabilization period.
Rathi Steel and Power Ltd, a renowned steel manufacturer based in Delhi, operates under the renowned “RATHI” brand, offering Rebars and Wire Rods across 1,000 retail outlets. The company also supplies stainless steel products to prominent downstream goods producers and has a prestigious clientele including the Airports Authority of India, Delhi Metro Rail, and NTPC. With a market cap of Rs 536 crore, Rathi Steel has shown positive results in its Q3FY24 and 9MFY24 financial reports.
The stock of Rathi Steel and Power Ltd witnessed a 1.04% increase, reaching Rs 63 per share from its previous closing of Rs 62.35. Over the past year, the stock has delivered impressive multibagger returns of over 1,800%, skyrocketing from Rs 3.30 to Rs 63 per share. Investors are closely monitoring the company’s strategic initiatives and market performance in anticipation of continued growth and success.
