Ahmedabad: Shares of Rhetan TMT Limited hit the 10 percent upper circuit on Wednesday, September 2, as investors focused on the company’s upcoming Annual General Meeting and expansion plans.
The stock rose to Rs 21.05 apiece on the BSE. The Ahmedabad-based TMT steel bar manufacturer is listed on the BSE and NSE.
Borrowing Limit May Rise
At its AGM scheduled for September 16, the company will seek shareholder approval through a special resolution to increase its borrowing limit from Rs 200 crore to Rs 300 crore.
The proposed ceiling excludes temporary bank loans obtained during the ordinary course of business. Rhetan TMT said the higher limit would provide greater financial flexibility for expansion, growth initiatives and future funding needs.
The company has also reported strong profitability growth, claiming that its profit increased at a compound annual growth rate of 140 percent over the past five years.
Solar Project Begins Operations
Rhetan TMT recently commenced power generation from its one-megawatt captive ground-mounted solar project at its manufacturing facility in Kadi, Gujarat.
The renewable energy generated will be used for captive consumption. As energy accounts for nearly 20 percent of the company’s overall cost base, the project is expected to improve operational efficiency, optimise power costs and support long-term competitiveness.
The company said the project also advances its broader focus on sustainable manufacturing and strengthens its energy infrastructure.
BIS Certification Expands Opportunities
Rhetan TMT has secured Bureau of Indian Standards certification for its Fe500D, Fe550 and Fe550D TMT bars.
The certification allows the company to supply these higher-grade products for government and public sector infrastructure projects across India. It is expected to strengthen Rhetan TMT’s value-added portfolio and expand its presence in the premium steel segment.
Managing Director Shalin Shah said the solar project would provide greater control over an important operating cost, while the certifications would help the company serve higher-value infrastructure requirements.
The company remains focused on opportunities arising from India’s infrastructure, construction and real estate sectors.
