Ratnamani Metals Hits 52-Wk High While Nifty Metal Slumps Most Amid All Sectors

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Ratnamani Metals Hits 52-Wk High While Nifty Metal Slumps Most Amid All Sectors
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the stainless steel pipes and tubes manufacturer Ratnamani Metals & Tubes (NS: RMT ) surged 4.73% to Rs 1,760 apiece at the time of writing, after zooming over 15% in early trade on Thursday. 

The stock touched a fresh 52-week high at Rs 1,913.7/share in the session and was the only scrip listed in the Nifty Metal index that traded in the green. Of all the sectoral indices under the Nifty basket, Nifty Metal slumped the most, down 1.1%.

The metal scrip jumped as it began trading ex-bonus, starting Thursday, a day ahead of its bonus record date. 

The mid-cap company’s board had approved a bonus issue in the ratio of 1:2 on May 18, 2022, which means that for every two shares held by the eligible shareholder of the company, one additional share will be awarded.

The company underlined that the bonus shares will only be credited to the members holding the equity shares as on the record date, i.e., July 1, 2022.

The stainless steel pipes manufacturing stock has outperformed the headline index Sensex , jumping almost 50% over the past 6 months, compared to an 8% fall registered by the benchmark index.

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