Despite broader market weakness, Rhetan TMT shares achieved a 10% upper circuit on Wednesday, opening at ₹19.22 per share on NSE compared to the previous close of ₹19.16. The stock surged to an intraday high of ₹21.05 before settling at ₹21.04, with the company's market capitalization standing at ₹1,676.63 crore. According to reports from Live Mint, this performance came as market benchmark indices Sensex and Nifty opened sharply lower, with the BSE Sensex plunging 788.52 points to 76,155.76 and the NSE Nifty declining 269 points to 23,786.80 in early trading. The stock rally was supported by higher trading volumes, with around 22.3 lakh shares changing hands during the intraday session on September 2. The metal stock outperformed the sector by 10.37% and reversed course after four consecutive falls, demonstrating resilience amid market volatility.
The positive momentum follows significant business developments for Rhetan TMT. As reported by Live Mint, the company successfully commenced power generation from its 1 MW (AC) Captive GroundMounted Solar Power Project on August 19. The project is now fully operational and supplying electricity for captive consumption at the company's manufacturing facility in Kadi, Gujarat. This marks the transition from implementation and commissioning phase to commercial operations, with the project expected to meet a portion of the energy requirements while supporting the company's renewable energy integration strategy. The company is engaged in manufacturing TMT bars and round bars, catering to the infrastructure, construction and real estate sectors. 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 delivered exceptional financial results in Q1FY27, with net profit after tax (PAT) surging 315% year-on-year to ₹3.16 crore compared to ₹0.76 crore in Q1FY26. According to Live Mint, profit before tax (PBT) also increased 335.5% YoY to ₹3.31 crore from ₹0.76 crore in the corresponding quarter. However, net revenue from operations declined 19.3% YoY to ₹4.06 crore compared to ₹5.04 crore in Q1FY26, indicating lower sales despite stronger operational efficiency enabling higher profit generation.
The stock has demonstrated strong long-term performance with returns of 107.81% over three years and 54.97% over two years, as reported by BSE Analytics. On a year-to-date basis, the stock has corrected 14.65% compared to a 10.34% fall in the benchmark index. The stock has a 52-week high of ₹34.59 touched on August 11, 2026, and a 52-week low of ₹18. According to BSE Analytics, the stock is technically trading above the 5-day moving average but below the 20-day, 50-day, 100-day, and 200-day moving averages. The 14-day relative strength index (RSI) stands at 28.94, indicating the stock is approaching oversold territory. The BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 1 (ST ASM-1) framework, reflecting heightened regulatory scrutiny amid the recent surge.
