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Stock Report
RST Industries signs contract to supply speciality steel SKUs in Nigeria
Posted On : 2022-01-10 14:12:40( TIMEZONE : IST )
RST Industries Ltd (RSTIL, stepdown subsidiary of Rama SteelTubes Limited), Nigeria has signed annual contract with Huihai Group Ltd, Hong Kong where RST Industries Ltd will have an exclusive arrangement for supply of specialty steel SKUs of - 15,000 MT per annum in Nigeria.
RSTIL takes pride in having a strong track record of being associated with many prestigious projects in Nigeria. Keeping up with our vision to cater the large scale infrastructure projects in the country, RSTIL has now signed a new annual contract with Huihai Group Ltd, Hong Kong for procuring 15,000 mtpa with an exclusive arrangement for Nigeria. This contract has exclusive arrangement with RSTL specifically for procurement and supply of 15,000 MT per annum of specialized steel SKUs in Nigeria and these supplies will further strengthen RSTIL's order book and credibility in the mark.
Commenting on the announcement, Mr. Richi Bansal, Executive Director, Rama Steel Tubes Limited, said "The Contract is an exclusive arrangement for only Nigerian region and the total market size for these specialized steel in Nigeria is ~50,000 MT per annum. Eventually, we are expecting to grow our market share in the coming years and also these SKUs are highly margin accretive, which definitely would be strengthening the blended margin profile. These contracts will help us in strengthening our position in the region by executing similar engagements in the coming years. We envisage this as a strategic drive optimizing our market share, product mix and revenue drivers which will eventually strengthen and grow our consolidated performance.
We assure all our stakeholders to commit similar endeavors in the coming times which shall add to our business synergies and profile."
Shares of Rama Steel Tubes Limited was last trading in BSE at Rs. 433.50 as compared to the previous close of Rs. 412.90. The total number of shares traded during the day was 141096 in over 2353 trades.
The stock hit an intraday high of Rs. 433.50 and intraday low of 415.35. The net turnover during the day was Rs. 60892356.00.
