Rathi Steel & Power announces a forward integration project to produce stainless steel wires and bright bars, driving stock gains.  

Rathi Steel & Power shares surged by 5 per cent after the company revealed plans for a forward integration project. The initiative, worth Rs 50 crore, will focus on the production of stainless steel wires, bright bars, and annealed and pickled products. The stock opened at Rs 64.70 on the BSE, climbing further to reach Rs 65.49, a 5 per cent rise from its previous close of Rs 62.38. The stock’s 52-week high is Rs 97.81, while the low stands at Rs 20.35.

In a regulatory filing, the company explained that this project would optimise its existing capacity by enabling self-consumption of some production. Additionally, it will address the growing demand for stainless steel products in key sectors such as energy, electric vehicles (EVs), engineering and defence. 

The facility will be constructed on surplus land at Rathi Steel’s Ghaziabad site in Uttar Pradesh.

Meanwhile, Indian stock markets rebounded on Tuesday, recovering from a previous day’s sharp decline. The BSE Sensex gained 348.1 points, reaching 84,647.88, while the NSE Nifty rose by 96.75 points to 25,907.60. IT stocks, including Tech Mahindra and Infosys, led the recovery, while companies like Asian Paints and JSW Steel experienced slight declines.