Ratnamani Metals trades ex-date for 1:2 bonus issue; stock surges 15%
Shares of Ratnamani Metals & Tubes surged 15 per cent to hit a record high of Rs 1,920 on the BSE in Thursday’s intra-day trade as the stock traded ex-date for 1:2 bonus issue. The stock of the iron & steel products company surpassed its previous high of Rs 1,905.62 (adjusted to bonus issue) touched on June 3, 2022.
The board of Ratnamani Metals, on May 18, 2022, had recommended a bonus issue in the ratio of 1:2 i.e. one new bonus equity share for every two existing shares held in the company on the record date — Friday, July 1, 2022.
The board has also recommended a dividend of Rs 14 per equity share (i.e. @ 700 per cent) (pre-bonus) to the members, which translates into dividend of Rs 9.33 per equity share (post-bonus), for the financial year ended on March 31, 2022. The company has fixed August 1, 2022 as record date for the purpose of ascertaining the entitlement of shareholders to the dividend.
In the past six months, Ratnamani Metals has outperformed the market by surging nearly 50 per cent, as compared to 8 per cent decline in the S&P BSE Sensex.
Ratnamani Metals is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes at Kutch, Indrad and Chhatral in the state of Gujarat. The Company caters to both domestic and international markets.
The company has received Rs 544 crore domestic and exports orders thus far in April-June quarter. On May 6, it had received new domestic orders aggregating to Rs 206 crore. Earlier on April 18, the company had received new domestic and export orders of Rs 308 crore and Rs 30 crore, respectively, aggregating to Rs 338 crore. These orders are to be executed within the financial year 2022-23.