Shares of Ahmedabad-based TMT steel bars manufacturer Rhetan TMT surged 10 per cent to hit an upper circuit even as Nifty Metal fell nearly 1 per cent amid weakness in the benchmark indices as fresh strikes between the US and Iran drove investors into risk-off positioning. The counter opened at Rs 19.22, up 8.25 per cent from the previous close of Rs 19.16, and surged to an intraday high of Rs 21.05. Last seen, the stock was trading at Rs 21.04, and the company’s market cap stood at Rs 1,676.63 crore. The stock reversed course today and gained after four consecutive falls.
The metal stock outperformed the sector by 10.37 per cent and is technically trading above the 5-day moving average but below the 20-day, 50-day, 100-day, and 200-day moving averages.
Share price history
According to BSE Analytics, the stock has given returns of 107.81 per cent in three years and 54.97 per cent in two years. On a year-to-date (YTD) basis, the stock has corrected 14.65 per cent as against the fall of 10.34 per cent in the benchmark index. The stock has a 52-week high of Rs 34.59, touched on August 11, 2026, and a 52-week low of Rs 18.
Relative strength index
Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 1 (ST ASM-1) framework.
The stock’s 14-day relative strength index (RSI) is 28.94. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Commissioning of a 1 MW captive solar plant
Earlier in August, the company set up a 1 MW captive solar power project at its manufacturing facility in Kadi, Gujarat, to bring down energy costs.
According to the company, the project is now operational and generating renewable power for captive consumption, marking an important step in strengthening the company’s energy infrastructure and manufacturing efficiency.
The company is engaged in the manufacturing of TMT bars and round bars, catering to the infrastructure, construction and real estate sectors. Meanwhile, it reported a surge in its net profit to Rs 3.16 crore for the June quarter.
The company had clocked a net profit of Rs 0.76 crore in the year-ago period.
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