Back-to-Back Upper Circuit: Rathi Steel Shares Hit 52-Week High | View the details here
The stock has delivered a multibagger return of 121 percent in the last three months and 323 percent in six months.
Share market news: Shares of Rathi Steel and Power hit a fresh 52-week high on Wednesday i.e. February 28. The counter opened at Rs 58.50 and subsequently touched a new 52-week high of Rs 59.34. The counter has been on the upper circuit for six days in a row.
Rathi Steel and Power is a microcap company with a market capitalization of Rs 182.15 crore. Shares of Rathi Steel have returned 30 percent in the past month and 86 percent YTD. The stock has delivered a multibagger return of 121 percent in the last three months and 323 percent in six months.
Meanwhile, the company has informed the stock exchanges that it has entered into a settlement agreement with ACRE Limited (ARC) in respect of a loan originally extended with Dena Bank (now Bank of Baroda), which was subsequently transferred to ACRE.
The company has accepted the terms of the proposal communicated by the lender and in accordance therewith the stipulated amount has been paid in full, it added.
On the reasons for opting for a settlement, the company said: “Due to persistent past losses due to various external factors, the debt had grown to unsustainable levels. It was therefore absolutely necessary to proceed with a debt solution/arrangement.”
Meanwhile, equity benchmark indices Sensex and Nifty started trading on an optimistic note on Wednesday but later traded flat in highly volatile trade amid mixed signals in the global market.
Expiry of derivatives on Thursday also created volatility in the domestic market, traders said. The 30-share BSE Sensex rose 83.06 points to 73,178.28 in early trade. The Nifty rose 27.95 points to 22,226.30. But later, both benchmark indices fluctuated between highs and lows.
Among the Sensex companies, Bharti Airtel, Tata Motors, State Bank of India, Tata Steel, Reliance Industries and Kotak Mahindra Bank were the biggest gainers.
Disclaimer: This article is for informational purposes only and is not investment advice