Penny stock ₹10: Shares of Rama Steel Tubes Ltd witnessed strong buying during morning deals on Tuesday after the outbreak of stock market news about FIIs buying a fresh stake in the company. Rama Steel's share price today opened with an upside gap at ₹10.18 apiece on the NSE and touched an intraday high of ₹10.44 apiece, recording an intraday rise of nearly 3.50 per cent during morning deals.
According to the information on the Indian stock market exchange, the US-based Minerva Ventures Fund and Ebisu Global Opportunities Fund have bought fresh stakes in the small-cap stock. The US-based FII bought 1.50 crore Rama Steel shares, paying ₹10 apiece, whereas Ebisu Global Opportunities Fund bought three crore company shares at ₹10 apiece. So, both the FIIs together pumped ₹45 crore into this small-cap penny stock.
As per bulk deal data available on NSE, Ebisu Global Opportunities Fund Ltd and Minerva Ventures Fund have picked up stakes in Rama Steel Tubes Ltd. Both funds hold stakes in other notable companies. The US-based Minerva Ventures Fund has bought 1.50 crore company shares, paying ₹10 apiece. This means the US-based FII invested ₹15 crore (1.50 crore x ₹10) in this penny stock.
Likewise, Ebisu Global Opportunities Fund bought three crore company shares, paying ₹10 apiece. This means the FII invested ₹30 crore ( ₹10 x 3 crore).
So, the FIIs invested ₹45 crore in this penny stock together.
Recently, the company announced that its board 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 Defence Sector.
Earlier, the company had announced that it is strategically well-positioned to leverage strong domestic steel demand by increasing its Manufacturing Capacity ~ AT ANANTAPUR, ANDHRA PRADESH, through its Wholly Owned Subsidiary "Lepakshi Tubes Private Limited". The company is strategically well-positioned to leverage strong domestic steel demand from key steel-consuming sectors such as real estate, infrastructure and automobiles. The increased domestic market and softer material prices are expected to boost the industry positively.
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