Share Market News: Rathi Steel Shares Surge Over 7 Percent | Check Details Here

Rathi Steel And Power Ltd’s share price surged 7.13 per cent on Monday. The stock opened at Rs 53.13 today and touched the high of Rs 56.80 against the previous close of Rs 53.02 in the last trading session on the BSE. The counter outperformed the sector by 2.93 per cent today.
Earlier on Friday, the company said that it has declared as Pioneer Unit under “The Industrial and Service Sector Investment Policy 2004”.
“We are pleased to inform that our steel melting unit at Ghaziabad has been declared as Pioneer Unit under “The Industrial and Service Sector Investment Policy 2004″ of Govt. of Uttar Pradesh and pursuant to which we have received an amount of Rs. 4,71,47,847.12 (Rupees Four Crore Seventy-One Lac Forty-Seven Thousand Eight Hundred Forty-Seven and Paisa Twelve only) from Govt. of Uttar Pradesh as Refund against our claim of Electricity Duty Exemption,” the company said.
40.32 per cent stake in the company is owned by promoters, DIIs own 2.53 per cent and the public owns a 57.15 per cent stake as of March 2024. From Rs 4.86 (52-week low) to Rs 54.18 per share, the stock gave multibagger returns of over 1,000 per cent in just 1 year.