Stock of Scan Steels has gained 14.51% in a year and risen 4.87% in 2023. Total 1.48 lakh shares of the firm changed hands amounting to a turnover of Rs 59.18 crore on BSE. 
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Stock of Scan Steels has gained 14.51% in a year and risen 4.87% in 2023. Total 1.48 lakh shares of the firm changed hands amounting to a turnover of Rs 59.18 crore on BSE. Shares of Scan Steels Ltd zoomed over 16% in the afternoon session today after the firm said its promoter has released 32.96 lakh shares pledged with the State Bank of India (SBI). Scan Steels shares rose 16.43% intraday to Rs 43 against the previous close of Rs 36.93 on BSE. With today’s rally, the stock almost touched the 52-week high of Rs 44 hit on September 2, 2022. It fell to a 52-week low of Rs 27.50 on March 31, 2023. The stock is trading 45% higher to the 52 week low.
The Scan Steels stock opened flat at Rs 36.90 on BSE. After trading near the previous close for a majority of the session, shares of Scan Steel saw a sudden rally at 1:30 pm which them toward the 52-week high.
Stock of Scan Steels has gained 14.51% in a year and risen 4.87% in 2023. Total 1.48 lakh shares of the firm changed hands amounting to a turnover of Rs 59.18 crore on BSE. Market cap of the firm rose to Rs 208.62 crore. At 2:16 pm, the stock was trading 7.91% higher at Rs 39.85 on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 58.5, signaling the stock is neither oversold nor overbought. The stock has a one-year beta of 0.3, indicating very low volatility during the period. Scan Steels shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The promoter of the company Rajesh Gadodia informed the company about the release of pledged shares with SBI.
“I , Mr. Rajesh Gadodia, Promoter of Scan Steels Limited hereby submit the disclosure with regard to the release of 3296561 pledged equity shares representing 6.30% of the paid-up equity share capital of M/s. Scan Steels Limited,” the promoter informed in a disclosure to the company.
Scan Steels is engaged in manufacturing of steel products and in generation of power for captive consumption. The company is into TMT manufacturing in Odisha having its base in the industrial town of Rajgangpur. The company also has manufacturing facility in Bellary in Karnataka.
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