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Rama Steel jumps 13% on renewable energy foray; stock up 25% in 3 days
Shares of Rama Steel Tubes soared nearly 13 per cent on Friday's intraday session after the company entered the renewable energy sector through a joint venture partnership in a 225 megawatt (Mw) solar power project.
Steel tube manufacturer's stock rose as much as 12.8 per cent during the day to ₹14.9 per share, a day after the stock jumped 18 per cent. The stock pared gains to trade 8.4 per cent higher at ₹14.3 apiece, compared to a 0.13 per cent advance in Nifty 50 as of 9:34 AM.
The company's shares extended their rally for a third straight session, gaining 25 per cent over the past three trading days. The counter has risen 19.3 per cent this year, compared to a 4.5 per cent advance in the benchmark Nifty 50. Rama Steel Tubes has a total market capitalisation of ₹2,203.9 crore. Track LIVE Market Updates Here
Rama Steel's strategic foray into renewable energy
Rama Steel announced a strategic investment in the renewable energy sector through a joint venture partnership in a 225 Mw solar power project under the Government of India's Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) scheme.
The project is being implemented through Onix IPP, a Special Purpose Vehicle (SPV), and spans multiple locations in Maharashtra. Power Purchase Agreements (PPAs) have been signed with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a fixed tariff of ₹3.04 per unit for 25 years.
The SPV is projected to generate gross annual revenue of ₹1,081.13 million, with a total revenue visibility of ₹27,028.13 million over 25 years. With a 10 per cent equity stake in Onix IPP, RSTL's share of gross annual revenue is expected to be ₹108.11 million, translating to ₹2,702.81 million over the project's lifetime.
This move marks Rama Steel Tubes' entry into the fast-growing renewable energy sector, reinforcing its commitment to Environmental, Social and Governance (ESG) goals, and creating long-term value for shareholders, it said in a statement.
"We are proud to be part of this landmark renewable energy initiative. Our strategic investment in the 225 MW PM-KUSUM project not only strengthens our ESG profile but also diversiϐies our revenue base," Richi Bansal, whole time director and chief executive officer, said. "This is a future-forward step aligned with India's net-zero vision and rural empowerment."
About Rama Steel
The company's manufacturing facilities are located at Sahibabad in Ghaziabad District of Uttar Pradesh and Khopoli in Raigarh District of Maharashtra. The total installed capacity stood at 96,000 MT. The product applications have usage in various industries, including automobiles, infrastructure, real estate and furniture.
The key products in the portfolio include galvanised tubes, ERW black steel pipes and tubes, scaffolding pipes and tubes, structural steel products and hollow sections.
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