Rhetan TMT Ltd shares retreated on Monday after touching near their 52-week highs, as traders took profits despite the company securing a significant regulatory milestone.
The Indian steel manufacturer announced it has received a licence from the Bureau of Indian Standards (BIS) to manufacture Fe500D grade TMT bars, a high-strength product category.
The certification is a material step for the company’s product portfolio, as Fe500D bars are increasingly mandated for government infrastructure projects and earthquake-resistant construction.
This approval effectively removes a barrier to entry for Rhetan TMT in the public sector supply chain, potentially expanding its addressable market beyond private developers.
However, the positive fundamental news was met with selling pressure, suggesting that short-term traders viewed the recent run-up to 52-week highs as an opportunity to exit positions.
The pullback occurred against a backdrop of broader caution in Indian equities, where the Nifty 50 benchmark index closed lower, ending at 23,946 after breaking a two-day winning streak driven by profit-booking activity.