This smallcap steelmaker share skyrockets 19%; what's behind the rally?

Mukand share price: Mukand share price was in demand on Thursday, July 24, 2025, with the scrip rallying up to 18.57 per cent to hit an intraday high of ₹160.85 per share. 

 

At 10:34 AM, Mukand share price was trading 10.50 per cent higher at ₹149.90. In comparison, BSE Sensex was trading 0.23 per cent lower at 82,538.32 levels.  CATCH STOCK MARKET LATEST UPDATES TODAY LIVE

What sparked the northward rally in Mukand share price?

 

Mukand shares surged after the company announced the execution of an agreement for sale on July 23, 2025, for monetising land assets in Thane district. 

 

 

In an exchange filing, Mukand said, “We wish to inform you that the Company has executed an Agreement for Sale on July 23, 2025 for the sale of land parcels admeasuring approximately 17.77 acres together with 50 per cent undivided right, title and interest in the access road admeasuring approximately 2.73 acres and for the grant of a perpetual non-exclusive right of way over a land parcel admeasuring 0.16 acres or thereabouts situated at Kalwe and Dighe, in Thane district for a consideration of not less than 86,980 per sq. mtr. aggregating to approximately ₹673 crore and has received an advance of ₹110 crore from the purchaser.” 

 

The sale is subject to various approvals from the Government of Maharashtra, Collector of Thane, Gram Panchayat and other authorities, and hinges on due diligence clearance. 

 

The company also clarified that the transaction is not expected to affect its operations and does not fall under the scope of section 180(1)(a) of the Companies Act, 2013.

Mukand share technical view

According to Ravi Singh, senior vice president of retail research at Religare Broking, on technical charts the stock is currently trading in a rising channel pattern, with prices recently witnessing a pullback from ₹137 levels, aligned with the lower boundary of the channel. The stock price is trading above the key moving average of 50-Day EMA, which indicates bullish undertone for the upcoming session. 

 

“Buy on dip is a more prudent strategy in current scenario with volume spikes witnessed in last few sessions, so that a long position should be initiated near the level of ₹144-146 for an upside potential of ₹160-164 in near term, while on downside a strict stop loss should be placed below ₹138 to protect against downside risk,” Singh said. 

On the other hand, Sudeep Shah, vice president and head of technical and derivative research at SBI Securities noted that the stock hit a low of ₹84.40 on April 7, 2025, and started forming a consistent pattern of higher highs and higher lows. Notably, the recent upward move has been accompanied by above-average volumes, indicating strong participation. It is currently trading above both its short and long-term moving averages, which are trending upward — a sign of underlying strength. In addition, momentum indicators continue to reflect a bullish outlook.

 

"Talking about crucial levels, the zone of ₹135-132 will act as immediate support for the stock. While on the upside, the zone of ₹160-162 will act as a crucial hurdle for the stock. Any sustainable move above the level of ₹162 will lead to a sharp upside rally upto the level of ₹177, followed by ₹200 in the medium-term," Shah added.

 

Mukand Q1 results

 

Mukand will release its June quarter of financial year 2026 (Q1FY26) consolidated and standalone results on August 8, 2025.

 

About Mukand 

 

Mukand Limited, established in 1937, is a prominent Indian manufacturer of specialty steel and heavy machinery. A part of the Bajaj Group, the company operates through a multi-division, multi-product structure. 

 

Its Steel Division produces alloy and stainless steel products such as billets, blooms, wire rods, and bars, catering to both domestic and international markets. The Machine Building Division designs and manufactures cranes, material handling systems, and plant equipment, while the Engineering Construction Division offers specialized services across sectors like power, cement, steel, and infrastructure.

 

With over eight decades of operational history, Mukand has evolved from an engineering-focused company into a global player in steel manufacturing. 

 

The market capitalisation of Mukand is ₹2,157.32 crore, according to BSE.