Mahamaya Steel Industries Limited has announced a significant increase in its sales volume for September, demonstrating strong growth in the steel sector.

Sales Performance

The company reported sales of 17,454.37 metric tons in September, marking a substantial 55.24% increase from the previous month's sales of 11,243.36 metric tons. This impressive growth underscores the company's robust performance and potential market demand for its steel products.

Key Highlights

Company Statement

In a regulatory filing, Mahamaya Steel Industries stated, "The Company is proud to announce that its Sales (Units) for the month of September is 17454.370 MT increased by approx. 55.24% over August Sales (Units) which was 11243.360 MT."

Industry Implications

This substantial increase in sales volume could indicate a positive trend in the steel industry, potentially reflecting increased demand in construction, infrastructure, or manufacturing sectors. However, it's important to note that month-to-month fluctuations can occur due to various factors, and longer-term trends would provide a more comprehensive picture of the company's performance.

Mahamaya Steel Industries, known for manufacturing products such as joists, channels, angles, flats, rounds, crossing sleeper bars, blooms, and billets, serves various sectors including BHEL, DGS&D, DMRC, SAIL, RIL, NTPC, and others.

Investors and industry observers will likely be watching closely to see if this growth trend continues in the coming months and how it might impact the company's overall financial performance.

Key Highlights

• Rajesh Agrawal reappointed as Managing Director for a five-year term from October 1, 2025, to September 30, 2030
• Nitesh Jain appointed as Secretarial Auditor for five consecutive financial years
• Shareholders approved 11 resolutions, including financial statements and related party transactions

Leadership Continuity

Shareholders of Mahamaya Steel Industries Limited have shown confidence in the company's leadership by approving the reappointment of Rajesh Agrawal as Managing Director. Agrawal, 53, brings over 35 years of experience in steel manufacturing, production, marketing, and administrative work to his role. His reappointment ensures continuity in the company's management for the next five years.

Governance and Compliance

In addition to Agrawal's reappointment, the AGM saw the appointment of Nitesh Jain as the company's Secretarial Auditor for a five-year term from April 1, 2025, to March 31, 2030. Jain, a practicing company secretary with experience in secretarial audits, will play a crucial role in ensuring the company's compliance with regulatory requirements.

AGM Proceedings

The AGM, conducted through video conferencing, saw the participation of 47 members. Chaired by Rajesh Agrawal himself, the meeting addressed various agenda items, including:

1. Adoption of audited standalone and consolidated financial statements
2. Appointment of Rekha Agarwal as a Non-Executive Non-Independent Director
3. Approval of remuneration for cost auditors
4. Increase in borrowing limits and approval for related party transactions

Shareholder Approval

All 11 resolutions presented at the AGM were passed with overwhelming majority. The voting results, as reported by the scrutinizer, showed that most resolutions received over 99.99% votes in favor, demonstrating strong shareholder support for the company's decisions.

Looking Ahead

With Rajesh Agrawal's reappointment and the approval of key financial and operational resolutions, Mahamaya Steel Industries Limited appears well-positioned to continue its growth trajectory in the steel manufacturing sector. The company's focus on governance and compliance, as evidenced by the appointment of a new Secretarial Auditor, also signals its commitment to maintaining high standards of corporate governance.

The AGM results reflect shareholder confidence in the company's leadership and strategic direction, setting a positive tone for Mahamaya Steel's operations in the coming years.