Sharda Ispat Limited , a prominent player in the Indian steel industry, has announced an extension of its trading window closure and scheduled a board meeting to review financial results. This move aligns with regulatory requirements and corporate governance practices.

Trading Window Closure

The company has extended the closure of its trading window for equity shares until November 16. This closure affects:

• Directors
• Key Managerial Personnel (KMP)
• Other designated employees covered under the company's insider trading code

The trading window will reopen 48 hours after the conclusion of the upcoming board meeting.

Board Meeting Details

Timeline of Events

The company has taken these steps in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This practice aims to prevent insider trading and ensure fair market practices during sensitive periods when financial results are being finalized.

Shareholders and potential investors should note that trading activities by insiders will be restricted during this period. The market can anticipate the release of Sharda Ispat's financial results for the second quarter and first half of the fiscal year following the board meeting.

This announcement underscores Sharda Ispat's commitment to transparency and regulatory compliance in its operations. Investors and market watchers will be keenly awaiting the financial results to gauge the company's performance in the current economic climate.

Sharda Ispat Limited , a prominent player in the iron and steel industry, has released its unaudited financial results for the first quarter ending June 30. The company's performance shows a significant decline in both revenue and profitability compared to the same period last year.

Financial Performance

The company reported a revenue from operations of Rs. 27.82 crore for Q1, marking a substantial decrease of 41.7% from Rs. 47.76 crore in the corresponding quarter of the previous year. The total income, including other income, stood at Rs. 28.83 crore, down from Rs. 48.36 crore in the same period last year.

Sharda Ispat's net profit after tax witnessed a sharp decline, falling to Rs. 28.39 lakh from Rs. 2.96 crore in the year-ago quarter, representing a 90.4% decrease. Consequently, the earnings per share (EPS) dropped to Rs. 0.56 from Rs. 5.84 in the corresponding period.

Here's a breakdown of the key financial metrics:

Board Decisions and Auditor Appointments

In addition to the financial results, Sharda Ispat's Board of Directors made several key decisions during their meeting:

Statutory Auditors Re-appointment

The Board approved the re-appointment of M/s. Panpaliya Taori & Co., Chartered Accountants, as the Statutory Auditors for a second term of five consecutive years. This decision is subject to shareholder approval at the upcoming 64th Annual General Meeting (AGM).

Cost Auditors Re-appointment

M/s. Narendra Peshne & Associates, Cost & Management Accountants, were re-appointed as the Cost Auditors. Their remuneration is subject to ratification by shareholders at the ensuing AGM.

Secretarial Auditors Appointment

The Board approved the appointment of M/s. Sunil Kumar Sharma & Associates, Practicing Company Secretaries, as the Secretarial Auditors for a period of five years. This appointment is also subject to shareholder approval at the upcoming AGM.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors. The Limited Review Report issued by the Statutory Auditors expressed an unmodified opinion on the results.

Sharda Ispat Limited continues to operate in a single segment, iron and steel, as per Indian Accounting Standard (Ind AS) 108.

The Board Meeting, which commenced at 3:00 p.m., concluded at 4:00 p.m. on the same day.