Meanwhile, stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points – its steepest single-day decline in 10 months.
Shares of Rathi Steel & Power are in focus as the iron and steel product maker has strengthened its production capacity. The company has informed exchanges that it has started the production of TMT Bars at their Ghaziabad factory in Uttar Pradesh.
“We wish to inform that the commercial operations of TMT Rolling Mill Division(for production of TMT Bars) of the Company set up at A-3, South of G T Road, Industrial Area, Ghaziabad, has recommenced today, i.e., April 5, 2025,” said the company in the BSE filing on Saturday.
Earlier, the company announced that it will invest Rs 50 crore in Uttar Pradesh.
The company will set up a forward integration facility to convert wire rods into bright bars and wires, which find application in the construction and automotive sectors, RSPL said in an exchange filing.
The addition of value-added products will broaden the company’s product portfolio and help boost profitability, it added.
The company’s steel plant in Uttar Pradesh has an installed capacity of 2,00,000 tonne per annum (TPA), comprising a TMT bar mill and a wire-rod mill.
Meanwhile, stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points – its steepest single-day decline in 10 months – as a global market carnage following US President Donald Trump’s tariff hikes and retaliation from China fanned fears of economic slowdown.
The 30-share BSE Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
All Sensex shares, except for Hindustan Unilever, ended with losses. Tata Steel fell the most by 7.33 per cent followed by Larsen & Toubro which cracked 5.78 per cent.
Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards.
