The share price of Steel Exchange India Limited has increased by 8% today. A major update has been released regarding the company’s pledged shares. Notably, the company’s share price is still below ₹10.
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Stock Performance on BSE
The shares of Steel Exchange India opened at ₹7.87 on the Bombay Stock Exchange (BSE). During the day, the price reached an intra-day high of ₹8.47. As of 12:25 PM, the shares were trading at ₹8.14 on BSE.
According to information shared with the exchange, 50 lakh (5 million) pledged shares, which were in favor of Capri Global Capital Limited, have been released.
These shares represent 0.42% of the company’s total capital. The release happened after a partial loan repayment by the promoter and promoter group.
However, the released shares have now been pledged again, this time in favor of Mukund Securities and Investments. This serves as security for another loan taken by the promoter and promoter group.
Promoter Holding and Company Performance
As per Trendlyne’s data, promoters held a 52.90% stake in the company as of the December quarter. When pledged shares are included, this stake rises to 98.76%.
Even after today’s price increase, the stock remains close to its 52-week low of ₹7.80. At the same time, it is still trading about 50% below its 52-week high.
Regarding financial performance, the company reported a profit of ₹15.86 crore in the December quarter. In comparison, its profit in the same quarter last year was just ₹21 lakh.
In an update shared with the exchange, Steel Exchange India announced that 50,00,000 pledged shares, which were pledged to Capri Global Capital Limited, have been released.
This amounts to 0.42% of the company’s total capital. These shares were freed after a partial repayment of the loan taken by the promoters and the promoter group.
The company has now pledged these released shares in favor of Mukund Securities and Investments, using them as security for a loan taken by the promoter and promoter group.