Rama Steel Tubes share price surged by 13% on September 4, following the company’s announcement of a strategic partnership with Onix Renewable. By 11:30 a.m., shares were trading at Rs 11.79 on the BSE, marking an 11.6% increase from the previous day’s close.
The trading volume saw a significant boost, with over 10 crore shares changing hands, more than double the one-month average daily volume of 4 crore shares.
The newly formed alliance aims to leverage Rama Steel Tubes’ expertise in providing steel structures and trackers for solar projects. Initially focusing on single-axis trackers, the partnership plans to expand into dual-axis trackers in the future, supporting Onix Renewable’s solar initiatives.
This collaboration signifies Rama Steel Tubes entry into the green energy sector, as the company has developed specialized steel structures and tracker tubes to support greenfield solar projects. The firm emphasized its commitment to delivering high-quality products essential for the success of these solar projects.
Despite this recent uptick, Rama Steel Tubes’ shares have declined by around 9% over the past year, while the Nifty 50 index has experienced a 30% increase during the same period.