Rama Steel Tubes Limited (BSE: 539309, NSE: RAMASTEEL), a leading player in the manufacturing of ERW pipes, has announced that the Company has started its commercial production at the Lepakshi Tubes Private Limited (wholly owned subsidiary), facility in South India.
Lepakshi Tubes Private Limited, a wholly owned subsidiary is strategically located and is about 10 kilometers from Bangalore, close to Andhra-Karnataka border. The entire region between east and west coast of South India falls within the reach of this facility. The South Indian market is an important market for the Company, being a fast growing and high demand geography. The Company will be able to sell its products in this region, much more efficiently.
Commenting on the achievement, Mr. Richi Bansal, CEO, Rama Steel Tubes Ltd said, "The commencement of commercial production of our youngest facility at Lepakshi Tubes Private Limited (wholly owned subsidiary) is a matter of great satisfaction for us. With this, we are able to expand our geographical reach to another important and lucrative market of South India. With this we are now present across three major geographies of North, west and South India. We were already supplying to our partners in South India from our other facilities and already have an established base. Hence, we will be able to market our products with greater ease and will strive hard to gain maximum out of this development. I thank the entire team of Rama Steel Tubes for their untiring efforts, hard work, sincerity and dedication. Also, I would like to thank our valued Shareholders, whose support and faith in our Company has given us the determination and ambition to go from strength to strength."
Shares of Rama Steel Tubes Ltd was last trading in BSE at Rs.219.5 as compared to the previous close of Rs. 211.2. The total number of shares traded during the day was 38871 in over 467 trades.
The stock hit an intraday high of Rs. 224 and intraday low of 213.1. The net turnover during the day was Rs. 8514545.