Steel Exchange shares jump 8% after this stock pledge update. Do you own? | Stock Market News
Source: Live Mint
Small-cap stock below ₹10, Steel Exchange India, gained as much as 8% in intraday trade on Monday, March 3, following an update on stock pledge regarding its promoter Vizag Profiles Private Limited.
In an exchange filing on March 1, the promoter informed that it released a pledge on 50,00,000 shares, representing 0.42% of the total share capital, on February 27 encumbered in favour of Capri Global Capital Limited following part payment of principal loan taken by the promoter or promoter group.
Additionally, it pledged the released shares in favour of Mukund Security and Investment as security against the loan taken by the promoter and promoter group.
At the end of the December 2024 quarter, the promoters of the company held a 52.90% stake, with total promoter pledge at 98.76% of the promoter holdings, shows Trendlyne data.
Share Price Impact
Steel Exchange India share price jumped 8.03% to hit the day’s high of ₹8.47 apiece. The stock opened the day at ₹7.87, slightly higher than the previous close of ₹7.84.
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Despite today’s gain, the small-cap stock trades closer to its 52-week low level of ₹7.80 per share and is nearly 50% lower than its 52-week high of ₹15.85 apiece.
The stock’s performance has been quite dismal off late, with the stock falling 45% in the last one year and 40% in the last six months. In the past month, Steel Exchange India shares have lost 17%, while they are down 24% in three months.
Steel Exchange Q3 Results
Steel Exchange India, a leading manufacturer of TMT Rebars, posted a multifold jump in Q3 profit to ₹15.86 crore from ₹21 lakh in the year-ago period. Meanwhile, its revenue from operations also witnessed a growth of 28% year-on-year (YoY) to ₹327.78 crore.
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