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Rhetan TMT shares jump 5% after MoU for TMT bar supply
The MoU outlines proposed procurement of about 20,000 MT of TMT bars over 24 months, with fulfillment via purchase orders based on demand and supply schedules.
Rhetan TMT Limited shares rose 4.94% on September 28, reaching the stock’s upper circuit even as the broader Indian market fell. LiveMint Markets said the BSE Sensex closed 1.52% lower at 72,771 points.
The move followed the company’s business update that it signed a memorandum of understanding with Bajaj Tubular for around 20,000 MT of TMT bars. According to the company’s BSE filing, the MoU contemplates proposed procurement over 24 months.
LiveMint Markets noted that Bajaj Tubular Products intends to procure about 20,000 MT of TMT bars during the 24 month term, with the indicative quantity expected to be fulfilled through individual purchase orders tied to project requirements and agreed supply schedules.
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