Rhetan TMT Experiences Remarkable Share Surge
On September 18, 2024, Rhetan TMT showcased an impressive rise in its share price, climbing over
11%. The company’s shares closed at ₹16.93 on the Bombay Stock Exchange (BSE), marking a daily
gain of 5.68%. During trading, the stock peaked at its 52-week high of ₹17.85, reflecting growing
investor confidence in the company. With today’s performance, Rhetan TMT’s market capitalization
soared to ₹1,349 crore. For context, the stock’s 52-week low stands at ₹7.62, demonstrating a
significant recovery and strong potential for continued growth.
Upcoming Board Meeting to Discuss Solar Energy Initiative
Rhetan TMT has announced a crucial board meeting scheduled for September 20, 2024. The primary
focus of this meeting will be to advance plans for establishing a solar energy plant with a
production capacity of up to 2 megawatts (MW). This initiative is part of the company’s strategy
for captive consumption at its facility located in Kadi, Gujarat. This development follows the
signing of an agreement for the solar plant at the Vibrant Gujarat Global Summit 2024, aimed at
bolstering Rhetan TMT’s position within the competitive steel industry. Notably, the company has
recently transitioned from the BSE SME platform to the BSE Limited Main Board as of May 5, 2024.
Financial Overview
| Financial Metric | Q1 FY25 | FY24 |
|---|---|---|
| Revenue | ₹19.34 crore | ₹64.77 crore |
| Net Profit | ₹80.67 lakh | ₹3.87 crore |
| Promoter Group Stake | 62.11% (as of June 2024) |
The company’s financial trajectory indicates a robust growth pattern. In the first quarter of
FY25, Rhetan TMT achieved a revenue of ₹19.34 crore along with a net profit of ₹80.67 lakh.
For the complete financial year 2024, the company recorded a revenue of ₹64.77 crore and a net
profit of ₹3.87 crore. Notably, the promoter group’s stake in the company is a substantial 62.11%
as of June 2024.
Additionally, in August 2022, Rhetan TMT successfully raised ₹56 crore from its SME IPO to fund
capacity expansion at its Kadi facility, increasing production from 30,000 metric tonnes per
annum to 45,000 metric tonnes per annum. This expansion is essential to meet the growing demand
for structured steel products, such as TMT bars and round bars.
Impressive Performance and Returns
Rhetan TMT shares have demonstrated remarkable performance over the last few months. In the past
month alone, the stock has surged by a staggering 44%. Over the last six months, investors have
enjoyed a robust return of 102%. Since the beginning of this year, Rhetan TMT shares have
increased by approximately 70%, while the annual return has been commendable at 77%. This
upward trajectory indicates strong investor sentiment and confidence in the company’s future
prospects.
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