The price of penny stock will be more than Rs 14

Business Business: Shares of Rama Steel Tubes fell amid strong gains in the Indian stock market. On Friday, the last trading day of the week, the stock closed at Rs 10.84, down 1.28 per cent. The previous day’s closing price was Rs 10.98. On January 23, 2024, the stock price touched the level of Rs 16.82. This was the highest value in the last 52 weeks. In this sense, the stock seems to be in recovery mode. At the same time, the stock price reached the June 2024 low of Rs 9.91. This is the 52-week low of the stock. Standard Business News has set a price target for Rama Steel Pipes shares. According to the chart pattern, the stock price is expected to find support at Rs 9.87, but is likely to trade between Rs 9.87 and Rs 11.40. However, the stock price can reach the level of Rs 14.30. Recently, Rama Steel Tubes informed BSE that the board meeting is scheduled to be held on August 14, 2024. The company’s June quarter results are expected to be approved in this meeting.

As per the shareholding model of Rama Steel Pipes, the promoters hold 56.33% of the shares. At the same time, public shareholders hold 43.67% of the shares. The main promoters of this company are Naresh Kumar Bansal, Kumud Bansal and Kanika Bansal and Nikhil Bansal and Richie Bansal. Naresh Kumar Bansal holds 45,97,40,475 shares or 29.58% stake in the company.

The 30-share BSE Sensex rose 819.69 points (1.04 per cent) to 79,705.91. Similarly, the NSE Nifty rose 250.50 points or 1.04% to 24,367.50.