Small-cap stock Rhetan TMT soars to 52-week high amidst market downturn

Rhetan TMT Shares Reach 52-Week High Amid Broader Market Weakness

The Indian stock market continued its downward trend on Friday, April 24, with the Sensex and Nifty 50 benchmarks crashing by 1% each due to soaring crude oil prices and escalating tensions in the Middle East. Despite this, the small-cap stock Rhetan TMT advanced over 2% to reach its 52-week high of ₹29.41 on the BSE.

The broader market weakness was evident as the 30-share pack crashed by over 800 points, or 1%, to an intraday low of 76,829, while the Nifty 50 plunged by 1% to the day's low of 23,944. However, the small-cap stock has given multibagger returns and is now over 102% higher than its 52-week low of ₹14.52, hit in July 2025.

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The company's strong performance in Q3FY26 was driven by a 3.5% decline in revenue from operations, which was offset by a significant increase in other income. This led to a 46.1% increase in total income, with net profit rising 219.9% year-on-year. Basic EPS also increased to ₹0.06 from ₹0.02, marking a 200% growth.

In a recent development, the company approved the insertion of a new object clause in its Memorandum of Association to expand its business scope. This allows the company to undertake comprehensive commodity trading operations, including trading, buying, selling, importing, and exporting a wide range of commodities across both domestic and international markets.

Rhetan TMT Limited is engaged in the manufacturing and sale of thermo-mechanically treated (TMT) bars in India. Its product portfolio includes TMT bars widely used in residential housing, multi-storey buildings, bridges, flyovers, and other civil engineering and construction projects. The company also produces round bars, which find applications in engineering components, the forging industry, foundation bolts, and shafting products. Incorporated in 1984, Rhetan TMT Limited is headquartered in Ahmedabad, India.