Small-cap stock below ₹20: Rama Steel Tubes stocks will be in focus on Monday when the Indian stock market opens after the weekend. The board of directors of the small-cap company has declared to foray into the defence sector by incorporating its defence subsidiary, Rama Defence Private Ltd. The small-cap stock below ₹20 will be under radar on Monday as the company declared the successful reduction in sanctioned bank loans on Friday.
The small-cap company informed about the successful reduction of the total bank loan limit to the Indian stock market exchanges, saying, “We are pleased to announce the further successful reduction in total bank loans, marking a substantial achievement in our journey towards financial stability and growth. Through diligent financial management and strategic decision-making, RSTL has reduced its total sanctioned Bank Loan Limits by ₹20.00 Crores, 6% of the total existing sanctioned limits over the month.”
“Over one year, the company has reduced total sanctioned loan limits by 60.27%, i.e. INR 210.00 Crores against overall total sanctioned loans limit of INR 348.00 Crores, including Lepakshi Tubes Private Limited-wholly owned subsidiary of the Company,” Rama Steel Pipes added.
Rama Steel Tubes news to foray into defence business
“The board of directors of the company has approved the Incorporation of a defence related wholly owned subsidiary with the proposed name Rama Defence Pvt. Ltd. The proposed wholly-owned subsidiary to be incorporated in India shall carry out business in the field of Defence Sector,” Rama Steel Tubes said.
Rama Steel Tubes shares ended on Friday at ₹10.56 apiece on the NSE. It is avaialble for trade on BSE and NSE. The company has a market cap of ₹1,641 crore and a trading volume of 84,77,248 on the NSE. Its 52-week high is ₹16.83 apiece, whereas its 52-week low is ₹9.90 per share.
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