Share Market News: Rathi Steel Shares in Focus As Company Receives Fresh Order

Share Market News: Rathi Steel Shares in Focus As Company Receives Fresh Order
Share Market News: Rathi Steel Shares in Focus As Company Receives Fresh Order

Investors’ wealth eroded by Rs 2.25 lakh crore on Friday, the day when the BSE Sensex tanked 733 points, amid profit-taking and worries over premium valuations of local stocks.


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Share Market News: Shares of Rathi Steel and Power Limited will be in focus on Monday as the company has received fresh orders. The shares of the company were last trading at Rs. 61.25 on the BSE as compared to the previous close of Rs. 62.35. The total number of shares traded during the day was around 18000. In an exchange filing, the company said that it received an order to supply stainless steel products worth Rs 10.75 crore.

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“The company has received an order to supply stainless steel products to Bansal wire group, who are leaders in downstream applications of our products, of an approximate order value of Rs 10.75 Cr (including GST and considering value of base grade product category),” the filing reads.

According to the exchange filing, the order is expected to be executed in around 30-45 days. Further, the customer has shared valuable feedback about the improvement in our product quality post implementation of the mill modernization project,” it said.

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Meanwhile, Investors’ wealth eroded by Rs 2.25 lakh crore on Friday, the day when the BSE Sensex tanked 733 points, amid profit-taking and worries over premium valuations of local stocks. The 30-share BSE benchmark dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day’s low of 73,467.73. The market capitalization of BSE-listed companies eroded by Rs 2,25,543.41 crore to Rs 4,06,24,224.49 crore (USD 4.89 trillion).

From the Sensex basket, Larsen & Toubro, Maruti, Bharti Airtel, Nestle, Reliance Industries, JSW Steel, Kotak Mahindra Bank and UltraTech Cement were among the major laggards. Bajaj Finance climbed nearly 1 per cent higher. The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card, the company said in a regulatory filing on Thursday.

Bajaj Finserv, Mahindra & Mahindra, State Bank of India, ICICI Bank and Infosys were among the other gainers.



Published Date:May 5, 2024 8:02 AM IST



Updated Date:May 5, 2024 8:02 AM IST

 
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