Bajaj Steel share: Shares of Bajaj Steel Industries hit a record high of Rs 2,978 on the BSE on Monday, zooming 18 per cent in the intraday trade, after the company said its board will meet on Thursday, October 3, 2024, to consider a maiden bonus issue.
“The meeting of board of directors of the company is scheduled to be held on Thursday, October 03, 2024, to inter-alia consider the proposal for issuance of bonus shares to the shareholders of the company,” Bajaj Steel Industries said in an exchange filing.
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At 09:48 AM, Bajaj Steel Industries was trading 11 per cent higher at Rs 2,800 as compared to 0.73 per cent decline in the BSE Sensex. In the past four months, Bajaj Steel share has zoomed 103 per cent from a level of Rs 1,468 on the BSE. As on June 30, 2024, the company has a total of 5.2 million outstanding equity shares, shareholding pattern data shows.
Currently, Bajaj Steel Industries is trading ‘X’ group on the BSE. Companies classified under ‘X’ group equity securities are only listed/traded at BSE. These are further divided into separate sub-segments called ‘X’, and ‘XT’. At the time of review, any security falling in the Trade-for-Trade segment (‘DT’ or ‘T’ groups) are classified under the ‘XT’ sub-segment.
Bajaj Steel Industries Q1 Results
For the April to June quarter (Q1FY25), Bajaj Steel Industries posted a consolidated net profit of Rs 35.16 crore as compared to Rs 9.60 crore in Q1FY24. The company had reported a net profit of Rs 22.52 crore in Q4FY24.
During Q1FY25, Bajaj Steel Industries received a sum of Rs 26.52 crore in the form of dividend from one of its wholly owned subsidiaries, Bajaj Coneagle LLC. Alabama, USA.
Bajaj Steel Industries manufactures cotton processing machinery, equipment and their spare parts, PEBs, electrical panels, fire-fighting equipment, steel doors and heavy engineering equipment. The company is one of the few players with operations across the entire ginning process value chain.
Initiatives like Atmanirbhar Bharat and Make-in-India have spurred demand for the heavy engineering and other engineering products used in transportation and Industrial applications and generally facilitated higher institutional sales.
Bajaj Steel Industries, in its FY24 annual report, said the company is aggressively expanding its business activities to become a multi-product engineering organisation, guided by its vision to lead the industry with innovation and sustainable growth. It is further enhancing its export footprint for the machinery division by entering new geographies and down the line in next three to five years the Company will achieve substantial increase in the turnover.
The company has started manufacturing and fabricating the components for the Torre-faction plants on the design provided by the customers that enhances the quality of biomass by converting it into a more energy-dense, storable, and transportable form.
This business vertical of Biomass, Biofuel and Pellets will open potential avenues for the company to enter into the new business domain that will significantly elevate the company’s overall revenue over the coming period, Bajaj Steel Industries said.
First Published: Sep 30 2024 | 10:46 AM IST
