Shares of Rathi Steel and Power Ltd gained over 4 per cent on Monday, June 8, 2026, even as the stock market benchmark indices, Sensex and Nifty, tumbled over 1 per cent in early trade amid weak global cues and a fresh spike in crude oil prices due to fresh tensions in the Middle East. The action in the stock comes after the company informed exchanges about the successful trial run for hot charging of mild steel (MS) billets for manufacturing MS TMT rebars. The counter opened in green at Rs 19.60, representing a gain of Rs 0.53 or 2.77 per cent from the previous close of Rs 19.07 on the BSE. The scrip continued its upward momentum and touched a high of Rs 19.90, a gain of Rs 0.83, or 4.35 per cent, from the last closing price. Last seen, the scrip held firmly in green and was trading at Rs 19.55, with a gain of Rs 0.48 or 2.52 per cent, and the market cap of the company stood at Rs 168.84 crore.
The action in the stock comes after two consecutive days of declines and has outperformed the sector by 4.46 per cent. Technically, the stock trades higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages.
Relative Strength Index
The stock’s 14-day relative strength index (RSI) is 46.03. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued. The stock has a 52-week high of Rs 33, hit on June 27, 2026, and a 52-week low of Rs 13.50.
Hot charging trail for MS TMC rebars
The company undertook a trial run of the hot charging of mild steel billets to the TMT bar mill. The development holds significance as it drastically minimises reheating requirements, leading to significant savings in fuel consumption and reduction of scale loss. Moreover, it will help the company to substantially lower its carbon footprint.
The trial run successfully yielded Fe550D grade MS TMT rebars. According to the company, they are highly recognised in the infrastructure industry.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
