Steel Exchange India jumped 5.84% to Rs 79.80 after the company said that its board will meet on Friday, 15 October 2021, to consider proposal for raising of funds.
The funds would be raised via issue of equity shares or convertible bonds or all types of debentures or warrants or any other equity linked securities, through permissible modes subject to such approvals, as may be required under applicable laws.
Steel Exchange India is primarily engaged in the manufacturing of TMT bars apart from billets, ingots and power generation. The company also deals in sale and purchase of steel products through its trading division and is recognized as one of the largest dealers for Rashtriya Ispat Nigam.
The company's net profit surged to Rs 7.98 crore in Q1 FY22 from Rs 0.82 crore in Q1 FY21. Net sales during the quarter jumped to Rs 262.62 crore from Rs 91.73 crore reported in the same period last year.
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