Steel Strips Wheels rises after promoters reduce pledged shares

Steel Strip Wheels gained 2.22% to Rs 861.95 after the company after the company's promoters partly released pledged shares.

On 29 December 2021, 10,84,000 shares were pledged and on 30 December 2021 Steel Strip said 21,47,250 shares were released from pledge. The total number of shares pledged has reduced to 38,29,444. which is 12.26% of total paid up capital of the company and 19.54% of total promoter shareholding.

Promoters pledge shares to raise money (either for personal purpose or for the company) against their holding in their companies from various financial institutions, wherein the promoters' shares act as collateral.

SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.

The company's net profit soared 347.9% to Rs 62.80 crore on a 136.7% surge in net sales to Rs 958.04 crore in Q2 FY22 over Q2 FY21.

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