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The share price of Rama Steel Tubes experienced a significant surge on September 4, 2024, climbing as much as 13.68% to reach an intraday high of Rs 11.96 per share. This substantial increase was directly linked to the company's newly announced partnership with Onix Renewable, a firm specializing in various sectors within the renewable energy space, including wind, solar, storage, and green hydrogen. The collaboration aims to leverage Rama Steel Tubes' expertise in steel manufacturing to provide essential components for Onix Renewable's solar projects.
The partnership agreement outlines that Rama Steel Tubes will supply steel structures and single-axis trackers for Onix Renewable's existing and future solar projects, potentially expanding to include dual-axis trackers in the future. Rama Steel Tubes has developed specialized steel structures and tracker tubes specifically designed for Greenfield Solar Projects, signifying a major expansion into the green energy sector. This move reflects the company's commitment to supporting the transition towards more sustainable energy sources and indicates a strategic shift towards a growing market.
The company's CEO, Richi Bansal, expressed enthusiasm about the collaboration, highlighting the positive impact it will have on Rama Steel Tubes' Ebitda and the company's positioning within the renewable energy sector. He emphasized the crucial role of durable steel structures in ensuring the long-term success and efficiency of solar projects, emphasizing the reliability and lifespan of these projects depend heavily on the quality of these components. The partnership with Onix Renewable represents a significant opportunity for Rama Steel Tubes to contribute to the development of clean energy solutions, ultimately paving the way for a more sustainable future.