Steel Exchange India gains 6% as board to consider fundraise on March 4

The buying on the counter came after Steel Exchange India informed its board of directors will meet on Wednesday, March 4, 2026, to consider a fund-raising proposal.

Steel Exchange India shares gained 6.2 per cent in trade, logging an intra-day high at ₹8.85 per share on BSE. At 11:44 AM, Steel Exchange India’s share price was trading 3.72 per cent higher at ₹8.64. In comparison, BSE Sensex was down 0.69 per cent at 81,681.42.  

The buying on the counter came after the company informed its board of directors will meet on Wednesday, March 4, 2026, to consider a fund-raising proposal. 

In its exchange filing, the company said the board will evaluate the issuance of securities aggregating up to ₹350 crore, out of the broader ₹750 crore fund-raising limit earlier approved by the board at its meeting held on December 30, 2025. 

 

The board is also scheduled to consider key issue details including the issue price, class and number of securities, mode of issue, and the identification of proposed allottees/investors, subject to shareholder approval.  READ | Bharti Airtel stock hits over 4-month low, down 2%; what's making Street nervous? 

Additionally, the company said the board will take up the draft notice for an Extraordinary General Meeting (EGM) to seek shareholder approval for the proposed fund raise, along with ancillary matters such as fixing the cut-off date and other related items. 

That apart, in the December quarter, the company posted a consolidated net profit of ₹2.28 crore, compared to ₹15.86 crore year-on-year (Y-o-Y). Its revenue from operations stood at ₹240.3 crore, compared to ₹327.5 crore Y-o-Y.  

Steel Exchange India, established in 1999 and the flagship of the Vizag Profiles Group, is an integrated steel manufacturer best known for TMT rebars sold under the ‘SIMHADRI TMT’ brand. The company operates an Integrated Steel Plant near Visakhapatnam, Andhra Pradesh, with capacities of 220,000 MTPA sponge iron, 362,000 MTPA billets (steel melt shop), 357,000 MTPA TMT rebars (rolling mill), and a 60 MW captive power plant, and describes the facility as the largest private integrated steel plant in Andhra Pradesh and Telangana. Steel Exchange India’s website says it is among the few manufacturers of CRS grade rebars supplying to the Armed Forces of India and projects of national importance, and is looking to diversify into specialty steels under the government’s PLI framework.